Four Corners Property Trust acquires four restaurant properties for $5.8mStaff Writer |
Acquisition The restaurants are occupied under triple-net leases
Four Corners Property Trust (FCPT) announced the acquisition of four restaurant properties for $5.8 million.
The restaurants are occupied under triple-net leases with a weighted average 12 years of remaining term, and the transaction closed at an effective going-in cap rate of 6.6%, exclusive of transaction costs.
The operators at these properties are a mix of corporate tenants and strong franchisees, including Carrols Restaurant Group, the largest operator of Burger King restaurants, and Tacala, the largest operator of Taco Bell restaurants.
This is a follow-up to the Operating Partnership unit (OP unit) transaction FCPT completed with U.S. Restaurant Properties Inc. (USRP) in November 2016.
FCPT funded the acquisition with 174,576 OP units based on a value per unit of $20.13 (consistent with the November 2016 OP unit transaction) and $2.3 million in cash.
USRP is an experienced private, net-lease REIT, and its principals led the formerly publicly-traded REIT of the same name. ■
What to read next