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 Texas Roadhouse property, an Olive Garden property, and an Arby’s property for an aggregate amount of $4.9 million. All three properties are outparcels to a mall located in Logan, Utah and are leased to corporate operators under triple net leases with approximately 7 years of weighted average term remaining. The transaction was priced at a 6.8% going-in cash cap rate, exclusive of transaction costs.
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/.