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 seven Burger King properties leased to Cambridge Franchise Holdings (“Cambridge”) for $16.0 million. The properties are occupied under two separate triple-net master leases with 20-year initial terms and above average brand performance. The first master lease pool consists of four properties in Mississippi and Tennessee that have all been recently renovated and re-imaged by Cambridge. The second master lease pool consists of three properties in Mississippi and Indiana that are newly constructed. This is the third transaction with Cambridge, now a 120-unit franchisee, at a similar going-in cash cap rate as previously announced transactions.
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.fcpt.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 120 Restaurants, 5 Convenience Stores and real estate in Alabama, Arkansas, Indiana, Kentucky, Louisiana, Mississippi, North Carolina, Tennessee and Virginia. The company aims to grow its restaurants and its team through consistent, high quality, profitable operations.