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 a corporate-operated BJ’s Restaurant (NASDAQ: BJRI) property for $3.8 million via a sale-leaseback. The property is located in Texas and is occupied under a triple-net lease with 15.0 years of term, and four, 5-year options. This transaction is part of a two-property sale-leaseback with BJRI. The transaction was priced at a cap rate in range with previous FCPT transactions.
In conjunction with the sale-leaseback transaction, FCPT and BJRI also amended seven existing lease agreements by increasing rent, extending term, and including annual sales reporting among other items, in exchange for tenant allowance funds.
Bill Lenehan, CEO of Four Corners Property Trust, stated: “The relationship we have established with BJ’s Restaurants has allowed us to think creatively about how to partner together, especially during the pandemic. BJ’s and FCPT were able to strike a mutually beneficial agreement and expand our relationship. We look forward to continuing our working partnership and helping their team grow.”
Greg Lynds, EVP and Chief Development Officer of BJ’s Restaurants, Inc., stated: “We are pleased to expand our relationship with Four Corners Property Trust to eleven restaurants with this multi-faceted transaction. We look forward to a long and prosperous relationship with Four Corners and the opportunity to grow our partnership even further.”
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.
About BJ’s Restaurants, Inc.
BJ’s Restaurants, Inc. (“BJ’s”) is a national brand with brewhouse roots and a menu where craft matters. BJ’s broad menu with a wide variety of menu offerings has something for everyone: slow-roasted entrees, like prime rib, BJ’s EnLIGHTened Entrees® including Cherry Chipotle Glazed Salmon, signature deep dish pizza and the often imitated, but never replicated world-famous Pizookie® dessert. BJ’s has been a pioneer in the craft brewing world since 1996, and takes pride in serving BJ’s award-winning proprietary handcrafted beers, brewed at its brewing operations in five states and by independent third party craft brewers. The BJ’s experience offers high-quality ingredients, bold flavors, moderate prices, sincere service and a cool, contemporary atmosphere. Founded in 1978, BJ’s owns and operates 209 casual dining restaurants in 29 states: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia and Washington. All restaurants offer dine-in, take-out, delivery and large party catering. Due to the COVID-19 pandemic, one of our restaurants remains temporarily closed, and dine-in service is currently limited or not available and menu offerings and hours are limited in our remaining 208 restaurants. For more BJ’s information, visit http://www.bjsrestaurants.com.