FCPT Announces Acquisition of a Verizon Property for $1.1 million
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 Verizon property for $1.1 million. The property is occupied by a Verizon retail operator (Cellular Sales of Knoxville) with over 780 locations and is subject to a net lease with approximately four years of term remaining. The transaction was priced at a 7.15% going-in cash cap rate, exclusive of transaction costs. The property is located in Florida.
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 http://www.fcpt.com/.
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
Gerry Morgan, 415-965-8032