FCPT Announces Acquisition of a Taco Bell Restaurant Property for $1.3 Million
November 15 2016 - 6:10PM
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
Newburgh, Indiana for $1.3 million. The restaurant is occupied
under a triple-net lease with approximately 5 years of term
remaining. The transaction closed at a going-in cash cap rate of
6.7%, 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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