FCPT Announces Acquisition of a Bubba’s 33 Restaurant Property for $3.1 Million
November 30 2022 - 4:57PM
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 Bubba’s 33 restaurant property for $3.1 million from the
transaction previously announced in July 2022. The property is
newly constructed and located in a highly trafficked corridor in
Texas and is corporate-operated under a triple net lease with
approximately 10 years of term remaining. The transaction was
priced at a cap rate in range with previous FCPT transactions.
This is the last property to be acquired from the 7-property,
$17.1 million outparcel portfolio transaction first announced in
July 2022. The six other properties closed in a transaction
announced in August 2022.
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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