FCPT Announces Acquisition of an Outback Steakhouse Restaurant Property for $3.9 million
January 23 2019 - 6:34PM
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 an Outback Steakhouse
restaurant in New Mexico for $3.9 million. The property was
acquired through a sale-leaseback transaction and will operate
under a new triple-net lease with Cerca Trova, the largest domestic
franchisee in the Bloomin’ Brands (NASDAQ: BLMN) system. The lease
has 20 years of initial term and rent increases of 10% every five
years during the initial term. The capitalization rate is
consistent with past transactions.
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 seeks to grow its portfolio
by acquiring additional real estate to lease, on a 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.fcpt.com/.
About Cerca Trova Restaurant Concepts, Inc.
Cerca Trova Restaurant Concepts, Inc. (“Cerca Trova” or the
“Company”) is a restaurant management company based in San Diego,
California and the largest domestic franchisee of Outback
Steakhouse, a casual dining Australian-themed steakhouse
restaurant. Cerca Trova operates and manages 100+ Outback
Steakhouse restaurants in five states in the western U.S. For more
information, please refer to www.cercatrovarc.com
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version on businesswire.com: https://www.businesswire.com/news/home/20190123005881/en/
Four Corners Property Trust:Bill Lenehan, 415-965-8031CEO
Gerry Morgan, 415-965-8032CFO
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