Four Corners Property Trust (NYSE:FCPT) announced the acquisition of an Outback Steakhouse property for $1.9 million from a previously announced Brookfield Properties transaction. The property is located in a strong retail corridor in Washington and is franchisee-operated under a triple net lease with approximately three years of term remaining. The Brookfield Properties portfolio was priced at a capitalization rate consistent with previous FCPT transactions.
Inclusive of today’s acquisition, FCPT has acquired a total of 19 properties for $35 million related to the Brookfield portfolio announced in October 2019.
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.