1. FCPT acquires four Cheddar's Scratch Kitchen properties for $14.7 million. 2. Properties are located in Kentucky, Indiana, and Virginia's strong retail corridors. 3. All properties are under long-term triple net leases and corporate-operated. 4. Transaction cap rate aligns with previous FCPT acquisitions, suggesting stability.
The strategic acquisition targets high-quality, net-leased properties, enhancing FCPT’s portfolio. Historical precedent shows similar acquisitions resulted in positive stock reactions.
The acquisition directly enhances FCPT’s asset base and strategic position in the market. Such transactions are pivotal for growth metrics and investor confidence.
The long-term leases provide stable revenue, contributing positively to FCPT's financial health over time. This aligns with FCPT's growth strategy in a recovering retail market.
MILL VALLEY, Calif.--(BUSINESS WIRE)-- 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 four Cheddar's Scratch Kitchen properties for $14.7 million. The properties are located in strong retail corridors in Kentucky (2), Indiana (1), and Virginia (1). The properties are each corporate-operated and under long-term triple net leases. The transaction was priced at a cap rate in range with previous FCPT transactions.
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