FCPT Announces Acquisition of a Brookshire Brothers Grocery Store for $3.0 Million
MILL VALLEY, Calif., May 05, 2023--(BUSINESS WIRE)--Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties ("FCPT" or the "Company"), is pleased to announce the acquisition of a Brookshire Brothers grocery store property for $3.0 million. Founded in 1921, Brookshire Brothers is an employee-owned grocery store chain with over 100 locations in Texas and Louisiana. The property is located in a strong retail corridor in Texas and is occupied under a long-term, triple net lease with approximately four years of term remaining. The transaction was priced at a 6.8% cap rate exclusive of transaction costs.
About FCPT
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.
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Contacts
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Gerry Morgan, 415-965-8032
CFO
