MILL VALLEY, Calif.--(BUSINESS WIRE)--Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a National Veterinary Associates (“NVA”) property for $637,000. FCPT will also be contributing a tenant allowance of up to $421,000 to NVA for their work on the property, the actual amount of which will be determined based on final remodeling costs. The property is located in Alaska and is corporate-operated under a new triple net lease to NVA with 15 years of term and three, five-year options and annual rent increases of 2%. The transaction was priced at a 7.3% entry cap rate, exclusive of transaction costs, of FCPT’s total basis in the property, with any funded tenant allowance to increase rent on a proportionate basis.
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail 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 www.fcpt.com.