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FCPT Announces Sale Leaseback of Five Jiffy Lube Properties for $7.9 million

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Press release content from Business Wire. The AP news staff was not involved in its creation.
December 20, 2022 GMT

MILL VALLEY, Calif.--(BUSINESS WIRE)--Dec 20, 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 five Jiffy Lube properties for $7.9 million. The properties are located in highly trafficked corridors in Indiana and are occupied under long-term triple net leases with 15 years of term remaining, and 10% rent increases every five years. The transaction was priced at a 6.5% cap rate on rent as of the closing date, 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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20221220005778/en/

CONTACT: Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: RETAIL RESTAURANT/BAR OTHER RETAIL COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY BUILDING SYSTEMS REIT

SOURCE: Four Corners Property Trust

Copyright Business Wire 2022.

PUB: 12/20/2022 06:34 PM/DISC: 12/20/2022 06:34 PM

http://www.businesswire.com/news/home/20221220005778/en