Four Corners Property Trust reports news centered on its REIT portfolio of net-leased restaurant and retail properties. Company updates frequently cover acquisitions of corporate-operated properties leased to restaurant, automotive service, veterinary, tire retail and other retail tenants, with details on lease structure, remaining term and acquisition capitalization rates.
FCPT news also includes quarterly financial and operating results, rent collection and occupancy commentary, investor presentations, and balance-sheet activity such as senior unsecured term loan facilities used to support its property acquisition pipeline and general corporate purposes.
Four Corners Property Trust (FCPT) announced the acquisition of five Jiffy Lube properties for $7.9 million. These properties are situated in high-traffic areas of Indiana, leased under long-term triple net agreements with 15 years remaining on the lease term. The deal features a 10% rent increase every five years and was executed at a 6.5% cap rate on rent, excluding transaction costs. This acquisition aligns with FCPT's strategy to expand its portfolio in the restaurant and retail sectors.
Four Corners Property Trust (FCPT) announces the acquisition of a Gerber Collision & Glass property in Texas for $2.8 million. The property, located in a prime retail area, is corporate-operated under a net lease with approximately four years remaining. This transaction was valued at a 7.3% cap rate, indicating a solid investment opportunity for the company. FCPT focuses on expanding its portfolio by acquiring high-quality, net-leased restaurant and retail properties to enhance its revenue stream.
Four Corners Property Trust (NYSE:FCPT) has acquired a newly constructed Cooper’s Hawk Restaurant property in Illinois for $6.9 million. This transaction is under a long-term triple net lease with approximately 16 years remaining and was priced at a 6.6% cap rate on rent at closing. Cooper’s Hawk is a fine dining brand with over 60 locations primarily in the Midwest, Florida, and the Mid-Atlantic. This acquisition aligns with FCPT's strategy to expand its portfolio of high-quality net-leased restaurant properties.
Four Corners Property Trust (FCPT) announced the sale of a Red Lobster property in Ohio for $4.9 million. This transaction aligns with previous dispositions in terms of cap rate. FCPT plans to reinvest the proceeds through a 1031-Exchange, holding net cash in escrow until new acquisitions are made. However, the company may incur a substantial tax penalty if it fails to identify comparable properties within the specified time frame. The strategic disposition reflects FCPT's commitment to expanding its real estate portfolio.
Four Corners Property Trust (FCPT) has acquired three Sun Auto Tire & Service properties for $9.1 million. Located in prime retail areas of Missouri, these corporate-operated properties are secured under long-term, triple net leases. The transaction reflects a cap rate consistent with prior FCPT acquisitions, signaling a strategic expansion into vital retail sectors. This move aligns with FCPT's ongoing strategy to enhance its portfolio through acquiring high-quality net-leased properties, vital for boosting long-term revenue.
Four Corners Property Trust (NYSE:FCPT) announced the acquisition of a Cheesecake Factory property and a dual-tenant Starbucks and AT&T property for $12.3 million. Located in a prime area of Kansas, these corporate-operated properties are under net leases with a weighted average term of approximately seven years. The acquisition is valued at a 6.6% cap rate, excluding transaction costs. This strategic move indicates FCPT's focus on expanding its portfolio of high-quality, net-leased restaurant and retail properties.
Four Corners Property Trust (NYSE:FCPT) has acquired a Bubba's 33 restaurant property for $3.1 million. This acquisition marks the final transaction from a previously announced 7-property portfolio worth $17.1 million, with this property located in a high-traffic area of Texas. The newly constructed property is corporate-operated under a triple net lease with about 10 years remaining on the lease. The acquisition caps a series of profitable investments in the high-quality, net-leased restaurant and retail segments.
Four Corners Property Trust (NYSE:FCPT) has acquired two WellNow Urgent Care properties for $6.4 million from ComptonAddy. Located in prime retail areas in Ohio, the newly constructed properties are leased to a corporate operator, boasting a remaining lease term of 10 years. The transaction achieved a 6.2% cap rate on the rent, exclusive of transaction costs. This strategic acquisition enhances FCPT's portfolio, focused on high-quality, net-leased restaurant and retail properties.
Four Corners Property Trust (FCPT) has acquired three Caliber Collision properties in Indiana for $5.4 million. The properties are located in high-traffic areas and are corporate-operated under net leases with a weighted average term of approximately five years remaining. This acquisition was executed at a 7.0% cap rate, excluding transaction costs. FCPT, based in Mill Valley, CA, focuses on acquiring and leasing restaurant and retail properties to expand its portfolio.
Four Corners Property Trust (FCPT) has completed the acquisition of a Chili’s property in Florida for $2.6 million, part of a broader transaction with Seritage initiated in October 2019 and expanded in August 2020. This acquisition marks the final purchase from Seritage, bringing FCPT's total properties acquired from this portfolio to 27 for a cumulative value of $80.8 million. The property is under a triple net lease, situated in a robust retail corridor, and the transaction reflects a cap rate consistent with previous FCPT deals.