Four Corners Property Trust Announces Acquisition of a Dairy Queen Restaurant for $2.6 million
October 20 2016 - 4:01PM
Business Wire
Four Corners Property Trust (NYSE:FCPT), a real
estate investment trust engaged in the ownership of high-quality
net leased restaurant properties, is pleased to announce the
acquisition of a Dairy Queen restaurant in Tulsa, Oklahoma for $2.6
million. The restaurant is occupied under a triple-net lease with
approximately 18 years of term remaining, and the transaction
closed at a going-in cash cap rate of 6.6%, exclusive of
transaction costs. The property performs well-above national
average for the brand, is located in a well-trafficked retail
corridor, and the tenant is one of the largest franchisees for
Dairy Queen nationwide.
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 will seek to grow its
portfolio by acquiring additional real estate to lease, on a triple
net basis, for use in the restaurant and related food services
industry. Additional information about FCPT can be found on the
website at http://www.fourcornerspropertytrust.com/.
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version on businesswire.com: http://www.businesswire.com/news/home/20161020006435/en/
FCPTBill Lenehan, 415-965-8031CEOorGerry Morgan,
415-965-8032CFO
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