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 three properties for $4.3 million from Brookfield Properties. The three properties have an average lease term of approximately seven years and are outparcels to a Brookfield mall located in Michigan. The tenants include LongHorn Steakhouse (corporate-operated), Panera Bread (corporate-operated) and Applebee’s (franchisee). This transaction was priced at a cap rate in range with previous FCPT transactions and is separate from the Brookfield portfolio previously announced on October 2, 2019.
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.