Four Corners Property Trust (NYSE:FCPT) announced the acquisition of three Arby’s restaurants for $4.1 million. The properties are located in Michigan and are leased to the corporate operator under triple- net leases with approximately 6 years of term remaining. The transaction was priced at a 7.0% weighted average cash cap rate, inclusive of percentage rent paid and 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.