MILL VALLEY, Calif.--(BUSINESS WIRE)--Four Corners Property Trust (NYSE:FCPT), a real estate investment trust engaged in the long-term net leasing of high-quality restaurant properties, announced today that it acquired six Pizza Hut restaurants in the Chicago-Naperville-Elgin MSA in Illinois and Indiana for $5.7 million via a sale and leaseback transaction. FCPT funded the acquisition with cash on hand. The restaurants are 100% occupied under triple-net leases with terms of 20.0 years and an average going-in cash cap rate of 7.2%, exclusive of transaction costs. The operator owns over 150 units across multiple brands, and is one of the ten largest Burger King franchisees in the U.S. Yum! Brands selected the operator to acquire over 40 corporate-owned stores based on operational experience and financial wherewithal.
Bill Lenehan, CEO of FCPT, expanded on the transaction. “The acquisition of these assets is very consistent with our stated acquisition program. Our new operating partner is an experienced franchisee with very strong credit. The properties are well located with performance in excess of national brand average, and we expect their profitability to grow further as the units are remodeled in the coming years.”
About Four Corners Property Trust
Four Corners Property Trust, Inc. is a publicly-traded REIT that owns, acquires and leases restaurant and other retail properties on a triple-net basis. Our primary goal is to create long-term shareholder value through the payment of consistent and growing cash dividends and the growth of our cash flow and asset base. To achieve this goal, we intend to pursue a business strategy focused on opportunistic acquisitions and asset and tenant diversification. Additional information about Four Corners can be found on the website at http://www.fourcornerspropertytrust.com/.