MILL VALLEY, Calif.–(BUSINESS WIRE)–Four Corners Property Trust (NYSE:FCPT) announced the acquisition of a restaurant-anchored multi-tenant property for $2.9 million. The property was constructed in 2017, is located in Illinois and is occupied by a large franchisee-operated Popeye’s, a corporate-operated US Cellular and a franchisee-operated Great Clips. The Popeye’s has a drive-thru and each tenant is subject to a separate lease with approximately eight years of term remaining. The transaction was priced at a 7.2% 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.