FCPT Announces Acquisition of a Four Property Verizon Portfolio for $7.2 Million

Four Corners Property Trust (NYSE:FCPT) announced the acquisition of four Verizon properties for $7.2 million. The properties are located in OH and PA and are occupied by a Verizon retail operator (Cellular Sales of Knoxville) with over 780 locations under net leases with approximately nine years of weighted average term remaining. The transaction was priced at a 7.10% going-in cash capitalization rate, 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.