1. FCPT acquires Left Lane Auto property for $3 million. 2. The property has a 7.2% cap rate and a 15-year lease. 3. Left Lane operates 67 auto repair units in the Midwest and Southeast. 4. The acquisition supports FCPT's strategy to expand its portfolio. 5. Newly constructed property located in a strong retail area.
The acquisition strengthens FCPT's portfolio and long-term revenue streams, similar to past successful investments.
The acquisition is a key strategic move for FCPT, likely influencing future earnings and stability.
Long-term leases like this can generate stable income over several years, enhancing investor confidence.
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties ("FCPT" or the "Company"), is pleased to announce the acquisition of Left Lane Auto property for $3.0 million. Left Lane Auto is an auto service operator owning and operating auto repair shops across 13 states under various brands, currently with 67 units primarily serving the Southeast and Midwest. The property is newly constructed and located in a strong retail corridor in Mississippi and is corporate-operated under a long term, triple net lease with approximately 15 years of term remaining. The transaction was priced at a 7.2% cap rate on rent as of the closing date and exclusive of transaction costs.
About FCPT
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. Additional information about FCPT can be found on the website at www.fcpt.com.
Category: Acquisition
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Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Patrick Wernig, 415-965-8038
CFO