FCPT Announces Acquisition of a Two Property Portfolio for $3.3 Million from PREIT
06 August 2022 - 2:21AM
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 Capital One property and a ground lease Chuck E. Cheese
property for $3.3 million. The properties are located in strong
retail corridors in Maryland and South Carolina respectively, and
both are occupied under triple net leases and have a current
weighted average remaining term of approximately six 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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