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 Popeyes restaurant property through a sale-leaseback with Cambridge Franchise Holdings (“Cambridge”) for $1.7 million. The property is located in Tennessee, and is occupied under a new 20-year triple-net lease with a rent escalation of 1.5% annually. This is FCPT’s fifth transaction with Cambridge, a franchisee with over 150 Burger King and Popeyes restaurants. The transaction was priced at a similar going-in cash cap rate as previously announced transactions.
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/.