Four Corners Property Trust (NYSE:FCPT) closed on the purchase of three additional restaurant properties today from Washington Prime Group Inc. for $3.0 million. The three properties include a corporate-leased Chick-Fil-A, a corporate-leased Red Lobster and a franchisee-leased Hardee’s restaurant located in Iowa. All are occupied under triple-net ground leases with an average remaining term of approximately 5 years. The transaction was priced at a capitalization rate consistent with our investment thresholds and 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 for use in the restaurant and related food services industry.