MILL VALLEY, Calif.--(BUSINESS WIRE)--Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of five restaurant properties for $8.6 million from the previously announced Washington Prime Group transaction. The closing includes BJ’s Restaurant and Brewhouse, McDonald’s, and Taco Bell properties located in Florida and Steak ‘n Shake and White Castle properties located in Indiana. Four of the five properties are leased to the brand’s corporate entity with the Taco Bell leased to a franchisee. The properties have a weighted average lease term of approximately 13 years remaining. The Washington Prime portfolio was priced at a capitalization rate consistent with FCPT’s investment thresholds and 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 for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.