Four Corners Property Trust (NYSE:FCPT) announced the acquisition of a Texas Roadhouse property and a Chili’s property for $2.1 million. The Texas Roadhouse property is leased to the corporate operator and the Chili’s property is leased to a franchisee. The properties are occupied under triple net leases with approximately 7 years of average term remaining and are located in Kansas. The transaction was priced at a 7.4% cash cap rate including estimated percentage rent, exclusive of transaction costs.
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, on a net basis, for use in the restaurant and retail industries.