Four Corners Property Trust (NYSE:FCPT) closed on the purchase of a corporate-operated BJ’s Restaurant and Brewhouse property today from Washington Prime Group Inc. for $3.2 million. The property is located in Texas and is occupied under a triple-net lease with approximately 17.0 years of term remaining and 10% rent escalations every 5 years. The transaction was priced at a capitalization rate consistent with our investment thresholds and past transactions.
This is the fifth closing of the WPG acquisition previously announced in September 2017. Closing of the remaining properties is expected to be completed throughout the remainder of 2018 and 2019 based on the timing of parcelization of each respective property, subject to remaining due diligence and customary closing conditions. Additional detail on all properties acquired from WPG will be disclosed upon the closing of each of the additional properties.
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 related food services industry.