FCPT Announces Acquisition of a four-property Buffalo Wild Wings portfolio for $14.3 million
MILL VALLEY, Calif.--(BUSINESS WIRE)--Dec 23, 2022--
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 four Buffalo Wild Wings properties for $14.3 million. The properties are located in strong retail corridors in Illinois and are under individual long-term, triple net leases each with approximately nine years of term remaining. The transaction was priced at a 7.3% cap rate on rent as of the closing date and exclusive of transaction costs.
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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20221223005228/en/
CONTACT: Four Corners Property Trust:
Bill Lenehan, 415-965-8031
Gerry Morgan, 415-965-8032
KEYWORD: CALIFORNIA ILLINOIS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: REIT RESTAURANT/BAR RETAIL COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Four Corners Property Trust
Copyright Business Wire 2022.
PUB: 12/23/2022 05:57 PM/DISC: 12/23/2022 05:57 PM