-Four Corners Property Trust (NYSE:FCPT) announced the acquisition of a Wendy’s restaurant for $2.0 million. The property is located in Ohio and is leased to MUY! Hamburger Partners (operator of 312 Wendy’s locations) under a triple-net lease with approximately 7 years of term remaining. The tenant is a subsidiary of MUY! Companies, which also operates 364 Pizza Hut and 79 Taco Bell restaurants, making it the fifth largest domestic franchisee by sales. 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.