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 an Outback Steakhouse restaurant in New Mexico for $3.9 million. The property was acquired through a sale-leaseback transaction and will operate under a new triple-net lease with Cerca Trova, the largest domestic franchisee in the Bloomin’ Brands (NASDAQ: BLMN) system. The lease has 20 years of initial term and rent increases of 10% every five years during the initial term. The capitalization rate is consistent with past 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/.
About Cerca Trova Restaurant Concepts, Inc.
Cerca Trova Restaurant Concepts, Inc. (“Cerca Trova” or the “Company”) is a restaurant management company based in San Diego, California and the largest domestic franchisee of Outback Steakhouse, a casual dining Australian-themed steakhouse restaurant. Cerca Trova operates and manages 100+ Outback Steakhouse restaurants in five states in the western U.S. For more information, please refer to www.cercatrovarc.com