Four Corners Property Trust (NYSE:FCPT), a real estate investment trust engaged in the ownership of high-quality, net-leased restaurant properties (FCPT or the Company), is pleased to announce the acquisition of a corporate-operated Buffalo Wild Wings restaurant property for $3.5 million. The property is located in Texas and is occupied under a triple-net lease with approximately 8 years of term remaining and 2.5% annual rent increases. The transaction was priced at a 6.75% going-in cash cap rate, exclusive of transaction costs.
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 related food services industry. Additional information about FCPT can be found on the website at http://www.fcpt.com/.
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Four Corners Property Trust:
Bill Lenehan, 415-965-8031
Gerry Morgan, 415-965-8032