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 Red Lobster restaurant property for $1.8 million. The property is located in Pennsylvania, and is occupied under a triple-net lease with approximately 9 years of term remaining. The transaction was priced at a 7.1% going-in cash cap rate, exclusive of transaction costs. Red Lobster operates over 700 restaurants across the U.S. and Canada and is the largest casual dining seafood brand in the country.
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/.