FCPT Announces Acquisition of an Individual Starbucks and a Dual-Tenant Aspen Dental / WellNow Urgent Care for $6.8 million
MILL VALLEY, Calif.–(BUSINESS WIRE)–
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of two properties for $6.8 million, an individual Starbucks and a dual-tenant property leased to Aspen Dental and WellNow Urgent Care. All three leases are with the brand’s corporate tenant under long term double-net leases. The properties are located in a dense retail corridor in Illinois. The transaction was priced at a 6.4% going-in cash capitalization rate, after property management expenses and exclusive of transaction costs.
About FCPT
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant 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
KEYWORDS: California Illinois United States North America
INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property Restaurant/Bar Health Hospitals REIT Dental Retail
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