Four Corners Property Trust (NYSE:FCPT) announced the acquisition of an Arby’s property for $1.9 million. The property is located in a strong retail corridor in Ohio and is corporate-operated under a triple net lease with approximately five years of term remaining. The transaction was priced at a 6.7% 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 ownership, acquisition and leasing of restaurant and retail 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.