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FCPT Announces Acquisition of Two National Tire & Battery Properties for $2.8 Million

·1 min read

MILL VALLEY, Calif., August 30, 2022--(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 two National Tire and Battery properties for $2.8 million. The properties are located in strong retail corridors in North Carolina and are corporate-operated under triple net leases with a weighted average seven years of term remaining and annual CPI-adjusted rent increases. The transaction was priced at a 6.1% cap rate on actual 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220830005839/en/

Contacts

Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO

Gerry Morgan, 415-965-8032
CFO