FCPT Announces Acquisition of a Taco Bell Restaurant Property for $2.4 Million
January 13 2017 - 2:49PM
Business Wire
Four Corners Property Trust (NYSE:FCPT), a real
estate investment trust engaged in the ownership of high-quality,
net-leased restaurant properties (“FCPT” or the “Company”), is
pleased to announce the acquisition of a Taco Bell property in
Columbia, South Carolina for $2.4 million. A portion of the
acquisition funding was raised through FCPT’s use of its “At the
Market” offering program. The restaurant is occupied under a
triple-net lease with approximately 12 years of term remaining. The
transaction closed at a going-in cash cap rate of 6.5%, exclusive
of transaction costs. The tenant is a subsidiary of Bell American
Group LLC, which operates over 250 Taco Bell restaurants under
Flynn Restaurant Group, the largest restaurant franchisee in the
United States.
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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Four Corners Property TrustBill Lenehan, 415-965-8031CEOGerry
Morgan, 415-965-8032CFO
Four Corners Property (NYSE:FCPT)
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