FCPT Announces Acquisition of a Dual-Tenant Starbucks and Noodles & Company Property for $2.4 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 Starbucks and Noodles & Company restaurant for $2.4 million from PREIT. The property is located in Maryland, and is occupied under two, separate double-net leases with approximately 6.3 years of term remaining and a rent escalation of 2.0% annualized. Both of the leases are with the corporate operator of each tenant’s respective brand. The transaction was priced at a 7.0% going-in cash cap rate, exclusive of transaction costs.

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 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/.

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