FCPT Announces Acquisition of a Taco Bell Restaurant Property for $2.4 Million
Business Wire 13-Jan-2017 2:49 PM
MILL VALLEY, Calif.--(BUSINESS WIRE)-- Four Corners Property Trust (NYSE:FCPT),a real estate investment trust engaged in the ownership of high-quality, net-leased restaurant properties (FCPT or the Company), is pleased to announce the acquisition of a Taco Bell property in Columbia, South Carolina for $2.4 million. A portion of the acquisition funding was raised through FCPTs use of its At the Market offering program. The restaurant is occupied under a triple-net lease with approximately 12 years of term remaining. The transaction closed at a going-in cash cap rate of 6.5%, exclusive of transaction costs. The tenant is a subsidiary of Bell American Group LLC, which operates over 250 Taco Bell restaurants under Flynn Restaurant Group, the largest restaurant franchisee in the United States.
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company will seek to grow its portfolio by acquiring additional real estate to lease, on a triple-net basis, for use in the restaurant and related food services industry. Additional information about FCPT can be found on the website at http://www.fourcornerspropertytrust.com/.
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Four Corners Property Trust Bill Lenehan, 415-965-8031CEOGerry Morgan, 415-965-8032CFO
Source: Four Corners Property Trust