FCPT Announces Acquisition of Four Burger King Restaurant Properties for $7.7 Million
December 28 2016 - 4:39PM
Business Wire
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 four Burger King properties
leased to Cambridge Franchise Holdings (“Cambridge”) for $7.7
million. The four properties are located in Tennessee and are
occupied under new, individual triple-net leases with 20-year terms
and above brand average performance. The transaction is a follow-on
from the previous transaction with Cambridge in October at the same
going-in cash cap rate. Cambridge, a 102-unit franchisee, will
actively invest and renovate these properties over the next few
years.
About FCPT
FCPT, headquartered in Mill Valley, CA, is a real estate
investment trust primarily engaged in the acquisition and leasing
of restaurant properties. The Company will seek to grow its
portfolio by acquiring additional real estate to lease, on a
triple-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.fourcornerspropertytrust.com/.
About Cambridge Franchise Holdings
Cambridge Franchise Holdings was formed in 2014 by Matt Perelman
and Alex Sloane in partnership with Ray Meeks, a 30-year Burger
King franchisee and seasoned restaurant operator. Cambridge
Franchise Holdings owns and operates 102 Restaurants, 5 Convenience
Stores and real estate in Alabama, Arkansas, Louisiana,
Mississippi, North Carolina, Kentucky, Tennessee and Virginia. The
company aims to grow its restaurants and its team through
consistent, high quality, profitable operations.
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version on businesswire.com: http://www.businesswire.com/news/home/20161228005437/en/
Four Corners Property TrustBill Lenehan, 415-965-8031CEOGerry
Morgan, 415-965-8032CFO
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