FCPT Announces Acquisition of a Torchy’s Tacos Property from Seritage Transaction for $2.2 Million
October 19 2022 - 04:24PM
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 Torchy’s Tacos property for $2.2 million from the Seritage
transaction previously announced in October 2019 and expanded in
August 2020. The property is located in a strong retail corridor in
Florida and is corporate-operated under a triple net lease with
approximately 6 years of term remaining. The transaction was priced
at a cap rate in range with previous FCPT transactions.
Inclusive of today’s transaction, FCPT has acquired a total of
26 properties for $78.2 million from Seritage.
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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