FCPT Announces Sale Leaseback of Eight Mavis Tire Operated Properties for $20 Million
FCPT Announces Sale Leaseback of Eight Mavis Tire Operated Properties for $20 Million
Four Corners Property Trust (NYSE: FCPT) has announced the acquisition of eight Mavis Tire-operated properties for $20 million through a sale-leaseback agreement.
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MILL VALLEY, Calif.--(BUSINESS WIRE)--
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of eight Mavis Tire and affiliated operated properties for $20 million via a sale-leaseback. The properties are located across Alabama (2), Georgia (2), Louisiana (1), New Jersey (1), New York (1), and Tennessee (1). Each property is operated under a long-term, triple net lease. 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 ownership, acquisition and leasing of restaurant and retail 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.
