Four Corners Property Trust (NYSE:FCPT) announced the acquisition of eight Sonic Drive-In properties for $10.6 million via a sale-leaseback transaction. The properties are located in Kentucky and are occupied under a triple net master lease to Soar QSR, a Sonic franchisee and subsidiary of CMG Companies, one of the largest multi-unit franchise operators in the United States, with 20 years of term and 1.5% annual rent increases. The transaction was priced at a 6.2% 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.