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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 Recreation Equipment, Inc. (“REI”) property for $6.8 million from the Seritage transaction announced in October 2019 and expanded in August 2020. The property is located in a strong retail corridor in Virginia and is corporate-operated under a net lease with approximately five years of term remaining. The Seritage transaction was priced at a cap rate in range with previous FCPT transactions.
Inclusive of today’s acquisition, FCPT has acquired a total of 22 properties for $70 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, 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.
four corners property trust (nyse:fcpt) is a $2 billion investment grade rated net lease reit focused on restaurant real estate. fcpt was spun-off from darden restaurants, inc. in november 2015 with 418 properties. today, fcpt owns over 500 properties in 44 states with over 20 brands. at fcpt, our strategy continues to be diversifying and scaling our portfolio through acquisitions and sale-leasebacks of quality credit restaurant operators with strong fundamental real estate. for more information, navigate to the following site: www.fcpt.com