MILL VALLEY, Calif.--(BUSINESS WIRE)--
Four Corners Property Trust (FCPT), a real estate investment trust engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Carrabba’s Italian Grill property for $2.2 million. The property is located in Florida and is leased to the corporate operator under a triple-net lease with approximately 3.5 years of term remaining. Carrabba’s has 226 domestic locations (as of March 31, 2019), and is a subsidiary of Bloomin’ Brands (BLMN), which is also the owner of the Outback Steakhouse, Bonefish Grill and Fleming’s Steakhouse brands. The transaction was priced at a 7.3% going-in cash cap rate, exclusive of transaction costs.
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant 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 related food services industry. Additional information about FCPT can be found on the website at http://www.fcpt.com/.