Four Corners Property Trust (NYSE:FCPT) announced the acquisition of a corporate-operated Buffalo Wild Wings restaurant property for $1.7 million. The property is located in Tennessee and is occupied under a triple-net lease guaranteed by Buffalo Wild Wings’ corporate entity. The lease has approximately 6 years of term remaining, which includes a 5-year lease extension negotiated by FCPT prior to closing. The transaction was priced at a 7.5% going-in cash cap rate, 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 related food services industry.