Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties announced the acquisition of 10 properties for $31.7 million from the Seritage transaction previously announced on October 30, 2019.
The properties are located in Delaware, Illinois (2), Indiana (3), Michigan, Rhode Island, and Texas (2) within highly trafficked and populated corridors. The tranche includes several new brands to FCPT’s portfolio, with the single-tenant properties leased to BJ’s Brewhouse, Chick-Fil-A (2), Krispy Kreme (new), LongHorn Steakhouse, Outback Steakhouse, Popeye’s, Portillo’s (new) and Wendy’s.
In addition, the portfolio has one restaurant-anchored multi-tenant property leased to Shake Shack (new), Orvis (new) and Jared Jewelry. Each tenant is subject to an individual lease with 9 of the 12 leases corporate-operated or guaranteed and an average term of approximately 8 years. The Seritage portfolio transaction was priced at a cap rate in range with previous FCPT 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.