Four Corners Property Trust (NYSE:FCPT) announced the acquisition of a restaurant-anchored multi-tenant property for $3.4 million. The property was constructed in 2019, is located in Indiana and is occupied by a corporate-operated Starbucks, a large authorized retailer for Verizon Wireless with over 850 locations and a corporate-operated ATI Physical Therapy (with over 800 locations). The Starbucks has a drive-thru and each tenant is subject to a separate lease with approximately ten years remaining. The transaction was priced at a 6.8% going-in cash cap rate, after property management expenses.
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.