Four Corners Property Trust (NYSE:FCPT) closed on the acquisition of an Olive Garden restaurant from Washington Prime Group Inc. for $3.2 million. The property is located in Illinois and is leased to Darden Restaurants, Inc. (NYSE:DRI) under a triple-net lease with over 10 years of term remaining. The Washington Prime portfolio 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 retail industries.