FCPT Announces Acquisition of a Four Property Developer Portfolio for $17.9 million
MILL VALLEY, Calif., July 14, 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 four newly built properties for $17.9 million. The portfolio spans eight brands and nine leases: Starbucks (2), Aspen Dental, Bronson Health, Great Clips, Mattress Firm, Oak Street Health, Taco Bell, and WellNow Urgent Care. The properties are newly constructed and located in strong retail corridors in MI and IN and are occupied under long-term net leases. The transaction was priced at a 6.6% cap rate on rent as of the closing date, 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
