FCPT Announces Acquisition of a Six Property Portfolio for $12.0 million

Four Corners Property Trust (FCPT) has acquired a six-property portfolio for $12.0 million.

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12/30/2020 - 06:44 PM EST

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 six property portfolio for $12.0 million. The properties include 7-Eleven, Advance Auto Parts, Starbucks, and Verizon (3) branded properties. They are located in highly trafficked corridors in CO, IN, NM, SC, TN, and WI. The Starbucks, 7-Eleven, and Advance Auto Parts properties are corporate-operated. The Verizon properties are operated by large franchisees with over 700 locations (Cellular Sales of Knoxville and The Cellular Connection). The portfolio has approximately six years of weighted average term remaining. The transaction was priced at a cap rate in range with previous FCPT transactions.

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.