1. FCPT acquired automotive service properties for $4.7 million. 2. The properties are leased long-term with around 20 years remaining. 3. Transaction aligns with FCPT's strategy in net-leased properties. 4. Acquisition reflects strong retail corridors in Maine and Vermont. 5. Cap rate is consistent with previous FCPT transactions.
The strategic acquisition could enhance FCPT's portfolio value and consistent income generation, positively impacting stock price in line with previous growth patterns (e.g., past acquisitions have led to stock appreciation).
Acquring properties strengthens FCPT's core operations and is likely to drive long-term growth, making this announcement crucial for stakeholders.
The long-term leases indicate stable cash flow, suggesting sustained positive performance well into the future, akin to past acquisitions that bolstered revenue stability for FCPT.
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 a portfolio of automotive service properties for $4.7 million from VIVE Collision via sale leaseback. VIVE Collision operates more than 60 locations across nine states in the Northeast, with a focus on advanced repair capabilities, technician development and best-in-class service. The properties are located in strong retail corridors in Maine and Vermont and corporate-operated under long-term, triple net leases with approximately 20 years of term remaining. 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