FCPT Announces Acquisition of Two National Tire & Battery Properties for $2.8 Million
August 30 2022 - 5:34PM
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 two National Tire and Battery properties for $2.8 million. The
properties are located in strong retail corridors in North Carolina
and are corporate-operated under triple net leases with a weighted
average seven years of term remaining and annual CPI-adjusted rent
increases. The transaction was priced at a 6.1% cap rate on actual
rent as of the closing date, exclusive of transaction 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
Four Corners Property (NYSE:FCPT)
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