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 McAlister’s Deli property for $2.4 million. The property is located in Texas and is a follow-on transaction from the other two McAlister’s Deli properties announced in January, occupied under the same triple-net master lease with 15-year term. The transaction was priced at a going-in cash cap rate of 6.75%, exclusive of transaction costs. The tenant is one of the largest McAlister’s Deli franchisees with a strong track record within the system. The restaurant is an above average performer for the brand and well located within a highly-trafficked location.
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/.