Four Corners Property Trust (NYSE:FCPT) closed on the purchase of two bank properties today from Washington Prime Group Inc. for $3.0 million. The Citibank and PNC Bank properties are located in Illinois and Ohio, respectively, and are leased to the corporate operators under triple-net leases with approximately 3.8 years of average weighted 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.