FCPT Announces Sale-Leaseback of Four Tire Discounters Properties for $9.1 Million
August 15 2023 - 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 four Tire Discounters properties for $9.1 million via
sale-leaseback transaction. Tire Discounters is the country’s
largest family-owned and operated automotive service provider,
currently operating over 200 retail locations and growing. The
properties are located in Virginia (2), Georgia (1), and Ohio (1),
and are corporate-operated under long-term, triple net leases. The
transaction was priced at a cap rate in range with previous FCPT
transactions.
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.
About Tire Discounters
Tire Discounters was founded by Chip Wood in 1976 and is still
family-owned and operated. Chip remains the sole owner and company
Chairman, but over the past several years has been smoothly
transitioning to the second generation of leadership. President
Jamie Ward, a valued employee for over 25 years, is now the driving
force in the company day-to-day, working closely with Chip’s
children, Anna, Steven, and Evan Wood, to help them learn the
business from the ground up.
Tire Discounters is the nation’s largest, 100% family-owned and
operated independent tire provider and is growing rapidly. The
company leads the way in providing unique and innovative customer
benefits designed to make tires last longer and maximize the
overall performance of a vehicle. Tire Discounters’ ASE-certified
technicians provide routine automotive repair and factory scheduled
maintenance. Tire Discounters currently employs more than 2,000
people in over 200 locations in Ohio, Kentucky, Indiana, Tennessee,
Georgia, Alabama, North Carolina, and Virginia.
Tire Discounters also operates five distribution centers,
located in Sharonville, Ohio; Mt. Juliet, Tennessee; Atlanta,
Georgia and Monroe, Georgia. The company’s headquarters are in
downtown Cincinnati, Ohio. https://www.tirediscounters.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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