our Corners Property Trust (NYSE: FCPT) announced the acquisition of a Popeyes property and a Bojangles property for $4.6 million. The properties are both located in North Carolina and are occupied under long-term, triple net leases with a weighted average of 15 years of term remaining. The transaction was priced at a 6.3% weighted average cap rate on rent today, 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.