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 dual-tenant property for $2.0 million. The property is occupied by a corporate operated Potbelly (NASDAQ: PBPB) and a Verizon retail operator with over 770 locations. Each tenant is subject to a separate lease with a weighted average term remaining of approximately seven years. The property is located in Wisconsin. The transaction was priced at a 6.9% going-in cash cap rate, after property management expenses and 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 retail industries. Additional information about FCPT can be found on the website at http://www.fcpt.com/.