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 two properties leased to K-MAC Enterprises, LLC (“KMAC”) for $3.4 million. The properties are located in Indiana and occupied under individual triple-net leases with new 20-year terms, which were negotiated by FCPT prior to closing. Both sites are scheduled to be remodeled in the next 4 years, which will include decoupling from a combination KFC / Taco Bell to a single concept Taco Bell at one of the properties. KMAC is one of the largest YUM! Brands franchisees, with over 280 Taco Bell and KFC units across the Midwest and Southeast. The transaction was priced at a 6.5% going-in cash cap rate, pro forma for the amended terms of the lease.
Bill Lenehan, CEO of FCPT, commented “We are pleased to announce another transaction demonstrating FCPT as an attractive landlord partner for restaurant operators. Our team’s ability to be nimble in lease negotiations resulted in a new long-term agreement with a strong credit tenant.”
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/.