Business Wire 16-Feb-2017 5:18 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 McAlisters Deli property for $2.4 million. The property is located in Texas and is a follow-on transaction from the other two McAlisters Deli properties announced in January, occupied under the same triple-net master lease with 15-year term. The transaction was priced at a going-in cash cap rate of 6.75%, exclusive of transaction costs. The tenant is one of the largest McAlisters Deli franchisees with a strong track record within the system. The restaurant is an above average performer for the brand and well located within a highly-trafficked location.
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