Four Corners Property Trust (NYSE:FCPT) announced the acquisition of six restaurant properties for $7.5 million from Brookfield Properties. The transaction spans five brands, including Texas Roadhouse (2), Applebee’s, Olive Garden, Panera Bread and Sonic.
The properties are outparcels to four Brookfield owned malls located in CA (3 outparcels at the same mall), AZ, IL, and MI and are a mix of corporate-operated (3) and franchisee-operated (3) locations. The sites are on high traffic frontage roads with attractive demographics and in strong retail areas of their respective markets. The leases have an average of 5 years of term remaining and are largely triple-net ground leases (Panera Bread is under a double net lease). The transaction was priced at a similar going-in cash capitalization rate as previously announced transactions.
Bill Lenehan, CEO of FCPT, stated, “This acquisition built on FCPT’s expertise in acquiring outparcel properties from mall and shopping center companies. Brookfield was a tremendous partner on the transaction and we look forward to continuing to work with their team.”
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties.