MILL VALLEY: Four Corners Property Trust (NYSE: FCPT) announced the acquisition of a Chili’s restaurant property for $3.5 million.
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 property is located in a dense corridor in South Carolina and is occupied under a triple net lease by a franchisee operator with approximately four years of term remaining. The transaction was priced at a 6.8% capitalization rate, exclusive of transaction costs.
FCPT seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. www.fcpt.com