FCPT Announces Sale Leaseback of Three W.W. Williams Properties for $10.3 Million
MILL VALLEY, Calif., June 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 three W.W. Williams properties for $10.3 million via a sale-leaseback. Founded in 1912 in Columbus, Ohio, W.W. Williams is one of the nation’s largest truck and equipment servicers. The properties are located in strong industrial corridors in Michigan and Ohio and are corporate-operated under long-term, triple net leases with approximately 15 years of term remaining, four 5-year options, and annual rent increases of 2%. The transaction was priced at a 7.1% 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
