FCPT Announces Sale Leaseback of Two Riverview Health Outpatient Primary Care Properties for $13.5 Million
FCPT Announces Sale Leaseback of Two Riverview Health Outpatient Primary Care Properties for $13.5 Million
Four Corners Property Trust (FCPT) has acquired two Riverview Health outpatient primary care properties in Indiana for $13.5 million through a sale leaseback transaction.
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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 two Riverview Health outpatient primary care properties for $13.5 million via sale leaseback. Riverview Health is a non-profit health system that is owned by Hamilton County (Indiana) and is comprised of two hospitals and many additional freestanding immediate care, primary care, and specialty care facilities. The properties are located in highly trafficked corridors in Indiana and are under long term, triple net leases with a weighted average 12 years of term remaining. The transaction was priced at a 7.3% cap rate on rent as of the closing date and exclusive of transaction costs.
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.
