FCPT Announces Acquisition of a Dual-Tenant Buffalo Wild Wings and Chipotle Property for $3.4 Million

Four Corners Property Trust (NYSE:FCPT) announcedthe acquisition of a dual-tenant Buffalo Wild Wings and Chipotle for $3.4 million. The property is located in a strong retail corridor in New Mexico and both leases are with the corporate entity with approximately 6 years of weighted average term remaining. The transaction was priced at a 6.4% 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.