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 LongHorn Steakhouse restaurant property leased to Darden Restaurants, Inc. (NYSE:DRI) for $1.5 million. The property is located in Columbia, South Carolina, and is occupied under a triple-net lease with approximately 10 years of term remaining and a rent escalation of 12.5% in 2022. Darden Restaurants operates over 1,700 restaurants, including over 490 LongHorn Steakhouse locations. The transaction was priced at a 6.6% going-in cash cap rate, exclusive of transaction costs.
Bill Lenehan commented, “We are pleased to announce this attractively priced acquisition with a large, investment grade rated restaurant operator. While we intend to diversify away from our largest tenant over time, we will also explore opportunistic transactions when available.”
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a 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/.