Four Corners Property Trust (NYSE:FCPT) announced the acquisition of a corporate-operated BJ’s Restaurant and Brewhouse property for $4.2 million. The property is located in Michigan and is occupied under a triple-net lease by BJ’s Restaurants, Inc. (NASDAQ: BJRI) with approximately 13 years of term remaining and 10% rent escalations every five years beginning in April 2022. The transaction was priced at a 6.5% 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.