Four Corners Property Trust Announces Acquisition of Two Arby’s Restaurant Properties for $4.3 Million

MILL VALLEY, Calif.--(BUSINESS WIRE)-- Four Corners Property Trust (NYSE:FCPT), a real estate investment trust engaged in the ownership of high-quality, net-leased restaurant properties, is pleased to announce the acquisition of two Arby's properties in Wake Forest, North Carolina and South Hill, Virginia for $4.3 million. The restaurants are occupied under individual triple-net leases with approximately 18 years of remaining term, and the transaction closed at a going-in cash cap rate of 6.6%, exclusive of transaction costs. The properties are above average performers in well-trafficked retail corridors. These acquisitions represent our second transaction with the same seller and same franchisee, and resulted from FCPT's performance in connection with its acquisition of the two Arby's in September of this year.

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company will seek to grow its portfolio by acquiring additional real estate to lease, on a triple-net basis, for use in the restaurant and related food services industry. Additional information about FCPT can be found on the website at http://www.fourcornerspropertytrust.com/.

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Four Corners Property Trust
Bill Lenehan, 415-965-8031
CEO
Gerry Morgan, 415-965-8032
CFO

Source: FCPT