MILL VALLEY, Calif.--(BUSINESS WIRE)--Four Corners Property Trust (NYSE:FCPT), a real estate investment trust engaged in the ownership of high-quality net leased restaurant properties, is pleased to announce the acquisition of the real estate of four KFC restaurants in the Detroit, Michigan MSA for $3.9mm. FCPT funded the acquisition with cash on hand. The restaurants are 100% occupied under new triple-net leases with terms of 20 years, and the transaction closed at a going-in cash cap rate consistent with previously announced transactions. KBP Foods, a 360 unit franchisee, has committed to renovate the properties in the next few years.
Bill Lenehan, FCPT’s Chief Executive Officer, commented, “It was a pleasure working with KBP Foods. We are very impressed with KBP’s operating acumen and their track record of growth. As one of the top 20 restaurant franchisees in the country with a solid credit profile, we hope to do additional transactions with them going forward.”
Barry Dubin, KBP Foods' Chief Development Officer, commented, “We received senior attention from FCPT from day one. We look forward to working with them on additional real estate transactions in the future.”
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/.