Four Corners Property Trust (NYSE:FCPT) announced the acquisition of a corporate-operated Buffalo Wild Wings restaurant property for $2.5 million. The property is located in Virginia and is occupied under a double-net lease with approximately nine years of term remaining. The transaction was priced at a 6.65% 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.