MILL VALLEY, Calif.-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 Taco Bell property for $1.7 million. The property is located in a strong retail corridor in Illinois and is franchisee-operated under a triple net lease to K-MAC Enterprises, Inc. (“K-MAC”) with approximately five years of term remaining. K-MAC is one of the largest Taco Bell franchisees in the United States, with over 340 Taco Bell restaurants across 10 states. The transaction was priced at a 7.5% 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
Contacts
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Patrick Wernig, 415-965-8038
CFO
