FCPT Announces Acquisition of a Gerber Collision Property for $3.5 Million
MILL VALLEY, Calif.–(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 Gerber Collision property for $3.5 million. The property is located in a highly trafficked corridor in North Carolina and corporate-operated under a triple net lease with approximately eight years of term remaining. The transaction was priced at a 7.5% cap rate on rent as of the closing date including rent credits received at closing and exclusive of transaction costs.
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.
Category: Acquisition
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Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Patrick Wernig, 415-965-8038
CFO
KEYWORDS: United States North America California North Carolina
INDUSTRY KEYWORDS: Retail Automotive General Automotive Commercial Building & Real Estate Specialty Construction & Property REIT
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