FCPT Acquires Outback Steakhouse Restaurant from Washington Prime for $2 Million

The property is located in Ohio and is leased to the corporate operator under a triple-net lease with approximately 9 years of term remaining.

Four Corners Property Trust (NYSE:FCPT) closed on the acquisition of an Outback Steakhouse restaurant from Washington Prime Group Inc. for $2 million. The property is located in Ohio and is leased to the corporate operator under a triple-net lease with approximately 9 years of term remaining. The respective Washington Prime portfolio was priced at a capitalization rate consistent with the company’s 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.