FCPT Announces Acquisition of Two Popeyes Properties for $4.7 Million
MILL VALLEY, Calif., December 28, 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 two Popeyes properties for $4.7 million. The properties are located in strong retail corridors in Arizona and Illinois and are occupied under a long-term, triple net lease with approximately 20 years of term remaining. The properties are in the final stages of construction but rent will commence immediately at close. The transaction was priced at a cap rate in range with previous FCPT transactions.
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
