FCPT Announces Acquisition of a Taco Bell Property for $1.7 Million
26 Luglio 2024 - 11:19PM
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 a Taco Bell property for $1.7 million. The property is located
in a strong retail corridor in Illinois and is franchisee-operated
under a triple net lease to K-MAC Enterprises, Inc. (“K-MAC”) with
approximately five years of term remaining. K-MAC is one of the
largest Taco Bell franchisees in the United States, with over 340
Taco Bell restaurants across 10 states. The transaction was priced
at a 7.5% cap rate on rent as of the closing date and 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.
Category: Acquisition
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