Four Corners Property Trust (NYSE:FCPT announced the acquisition of a Raising Cane’s restaurant property for $2.2 million from Washington Prime Group. The property is newly constructed and located in a strong retail corridor in Illinois and is leased to the corporate operator under a triple net lease with fifteen years of term remaining. The transaction was priced at a cap rate in range with previous FCPT transactions.
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.