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 four Burger King properties leased to Cambridge Franchise Holdings (“Cambridge”) for $7.7 million. The four properties are located in Tennessee and are occupied under new, individual triple-net leases with 20-year terms and above brand average performance. The transaction is a follow-on from the previous transaction with Cambridge in October at the same going-in cash cap rate. Cambridge, a 102-unit franchisee, will actively invest and renovate these properties over the next few years.
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/.
About Cambridge Franchise Holdings
Cambridge Franchise Holdings was formed in 2014 by Matt Perelman and Alex Sloane in partnership with Ray Meeks, a 30-year Burger King franchisee and seasoned restaurant operator. Cambridge Franchise Holdings owns and operates 102 Restaurants, 5 Convenience Stores and real estate in Alabama, Arkansas, Louisiana, Mississippi, North Carolina, Kentucky, Tennessee and Virginia. The company aims to grow its restaurants and its team through consistent, high quality, profitable operations.