FCPT Announces Acquisition of a Three Property Developer Portfolio for $5.2 million
31 Agosto 2023 - 1:49AM
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 newly built properties for $5.2 million. The portfolio
spans three brands: Aspen Dental, Starbucks, and WellNow Urgent
Care. The properties are newly constructed and located in a strong
retail corridor in Michigan and are all corporate-operated under
long-term net leases. The transaction was priced at a 6.9% 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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Four Corners Property Trust: Bill Lenehan, 415-965-8031 CEO
Gerry Morgan, 415-965-8032 CFO
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