FCPT Announces Sale-Leaseback of a Jiffy Lube Property for $1.6 Million
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 a Jiffy Lube property for $1.6 million via a sale-leaseback transaction. The property is located in a strong retail corridor in Indiana and is occupied under a new triple net lease by a franchisee operator (Hoosier Automotive Services) with 15 years of term remaining. The transaction was priced at a going-in cash capitalization in range with previous FCPT transactions.
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.
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
Gerry Morgan, 415-965-8032