Four Corners Property Trust (NYSE:FCPT) announced the acquisition of an Outback Steakhouse restaurant in New Mexico for $3.9 million. The property was acquired through a sale-leaseback transaction and will operate under a new triple-net lease with Cerca Trova, the largest domestic franchisee in the Bloomin’ Brands (NASDAQ: BLMN) system. The lease has 20 years of initial term and rent increases of 10% every five years during the initial term. The capitalization rate is consistent with past transactions.
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.