FCPT Announces Acquisition of a Popeyes Restaurant Property from Seritage Transaction for $1.6 Million

MILL VALLEY, Calif.--(BUSINESS WIRE)--Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Popeyes restaurant property for $1.6 million from the Seritage transaction announced in October 2019 and expanded in August 2020. The Popeyes (franchisee lease) is located in South Carolina and is situated within a highly trafficked and populated corridor. The property has a remaining term of approximately fourteen years. The transaction was priced at a cap rate in range with previous FCPT transactions.

Inclusive of today’s acquisition, FCPT has acquired a total of 19 properties for $59 million from Seritage.

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.