Four Corners Property Trust (NYSE:FCPT) announced the acquisition of a corporate operated Texas Roadhouse restaurant for $1.4 million from Pennsylvania Real Estate Investment Trust. The property is located in Wisconsin and is occupied under a triple-net lease with approximately 8 years of term remaining. The transaction was priced at a 6.7% 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 retail industries.