FCPT Announces Acquisition of a Dual-Tenant MOD Pizza and Del Taco Restaurant Property for $2.7 Million

MILL VALLEY, Calif.--()--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 dual-tenant MOD Pizza and Del Taco restaurant property through a sale-leaseback with TEAM Schostak Family Restaurants (“TSFR”) for $2.7 million. The property is located in Chesterfield, Michigan and is occupied under two separate triple-net leases with new 10-year terms. The site was recently constructed and both the MOD Pizza and Del Taco portions are structurally independent. TSFR operates over 110 restaurants including Applebee’s, MOD Pizza and Del Taco, and has been a restaurant franchisee in Michigan for 36 years. The transaction was priced at a 7.4% going-in cash cap rate.

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/.

Contacts

Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Gerry Morgan, 415-965-8032
CFO

Contacts

Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Gerry Morgan, 415-965-8032
CFO