Four Corners Property Trust (NYSE:FCPT) announced the acquisition of nine properties for $12.9 million from the Brookfield Properties transaction previously announced on October 2, 2019. The properties are located in Michigan, Minnesota, Missouri (2), North Carolina, Oklahoma (2) and Washington (2) within highly trafficked retail corridors. The tranche includes five restaurant properties (BJ’s Restaurant, Black Angus Steakhouse, Bonefish Grill, Olive Garden, IHOP and Wendy’s) and three non-restaurant properties (Huntington Bank, FedEx Kinko’s, and a local car wash). The tranche has an average lease term of approximately four years and eight of the nine leases are corporate-operated or guaranteed. The Brookfield Properties 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.