FCPT Announces Acquisition of a Red Robin Property for $2.4 million from PREIT
June 30 2022 - 07:01PM
Business Wire
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 a Red Robin property for $2.4 million from the PREIT transaction
previously announced in June 2022. The property is located in a
strong retail corridor in Maryland and is occupied under a triple
net lease to the corporate entity with approximately 4 years of
term remaining. The overall transaction was priced at a 6.5%
going-in cash capitalization rate, exclusive of transactions
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.
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Four Corners Property Trust: Bill Lenehan, 415-965-8031 CEO
Gerry Morgan, 415-965-8032 CFO
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