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 two properties for $7.6 million as part of a previously announced outparcel transaction with PREIT (NYSE: PEI). The properties are an IHOP and a multi-tenant BJ’s Restaurant, Sleep Number, and Verizon. The properties are located in Maryland and South Carolina and are occupied under net leases with a weighted average 7 years of term remaining. Three of the four tenants are the respective corporate operators with Victra, an authorized retailer with over 1,000 locations across 46 states, as the Verizon tenant. The transaction is the fifth and final closing of the previously announced PREIT portfolio transaction in November, priced at a 6.5% going-in cash cap rate, on a portfolio basis, 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 for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.