FCPT Announces Sale Leaseback of Eight Sonic Drive-In Properties for $10.6 Million

Four Corners Property Trust (NYSE:FCPT) has acquired eight Sonic Drive-In properties for $10.6 million through a sale-leaseback transaction.

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07/30/2021 - 06:08 PM EDT

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 eight Sonic Drive-In properties for $10.6 million via a sale-leaseback transaction. The properties are located in Kentucky and are occupied under a triple net master lease to Soar QSR, a Sonic franchisee and subsidiary of CMG Companies, one of the largest multi-unit franchise operators in the United States, with 20 years of term and 1.5% annual rent increases. The transaction was priced at a 6.2% going-in cash capitalization rate, exclusive of transaction costs.

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.