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Fly News Breaks for January 23, 2019
BLMN, FCPT
Jan 23, 2019 | 18:36 EDT
Four Corners Property Trust (FCPT) acquired an Outback Steakhouse restaurant in New Mexico for $3.9M. The property was acquired through a sale-leaseback transaction and will operate under a new triple-net lease with Cerca Trova, the largest domestic franchisee in the Bloomin' Brands (BLMN) system. The lease has 20 years of initial term and rent increases of 10% every five years during the initial term. The capitalization rate is consistent with past transactions.
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