FCPT Announces Acquisition of a Three Property Portfolio for $8.5 Million from PREIT
September 15 2022 - 4:49PM
Business Wire
Four Corners Property Trust (NYSE:FCPT), a real estate
investment trust primarily engaged in the ownership and acquisition
of high-quality, net-leased restaurant and retail properties
(“FCPT” or the “Company”), is pleased to announce the acquisition
of a portfolio of three properties (Miller’s Ale House, Olive
Garden, Outback Steakhouse) for $8.5 million. The properties are
located in a strong retail corridor in Maryland and are occupied
under triple net ground leases to the corporate entities, with a
weighted average remaining term of approximately eight years. The
overall transaction was priced at a cap rate in range with previous
FCPT transactions.
About FCPT
FCPT, headquartered in Mill Valley, CA, is a real estate
investment trust primarily engaged in the ownership, acquisition
and leasing of restaurant and retail 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 retail industries.
Additional information about FCPT can be found on the website at
www.fcpt.com.
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Four Corners Property Trust: Bill Lenehan, 415-965-8031 CEO
Gerry Morgan, 415-965-8032 CFO
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