1. FCPT acquires Mavis Tire property for $2.6 million. 2. The property is in a prime retail area of Mississippi. 3. Acquisition features a long-term, triple net lease of 11 years. 4. Transaction priced at a 7.0% cap rate, enhancing portfolio. 5. FCPT aims to continue acquiring high-quality net-leased properties.
The acquisition at a favorable cap rate boosts FCPT's portfolio value, akin to past successful acquisitions which positively impacted stock price.
The acquisition reflects FCPT's strategic expansion, likely to attract investor interest and improve stock performance.
This acquisition will contribute to revenue growth over 11 years, similar to previous acquisitions that strengthened FCPT’s income stream.
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 Mavis Tire property for $2.6 million. The property is located in a strong retail corridor in Mississippi and is corporate-operated under a under a long term, triple net lease with approximately 11 years of term remaining. The transaction was priced at a 7.0% cap rate including rent credits received at closing 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