Four Corners Property Trust (NYSE:FCPT) announced the acquisition of seven corporate-operated Chili’s restaurant properties for $28.7 million. The properties are located in Colorado (2), Louisiana, Mississippi, Oklahoma, and Texas (2), and are occupied under triple-net leases with approximately 14 years of term remaining and annual rent increases of 1.5%. The leases are guaranteed by Brinker International, Inc. (NYSE: EAT). The transaction was priced at a 6.3% going-in cash capitalization rate.
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.