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 (“FCPT” or the “Company”), is pleased to announce the acquisition of a Taco Bell property in Newburgh, Indiana for $1.3 million. The restaurant is occupied under a triple-net lease with approximately 5 years of term remaining. The transaction closed at a going-in cash cap rate of 6.7%, exclusive of transaction costs. The tenant is a subsidiary of Bell American Group LLC, which operates over 250 Taco Bell restaurants under Flynn Restaurant Group, the largest restaurant franchisee in the United States.
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/.