Four Corners Property Trust acquires four restaurants for $5.8M
Four Corners Property Trust acquired four restaurant properties consisting of three restaurant concepts - two Burger Kings, one Steak 'n Shake, one Taco Bell - across Alabama, Indiana, New York and Tennessee, for $5.8M. 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. This is a follow-up to the Operating Partnership unit transaction FCPT completed with U.S. Restaurant Properties in November 2016. FCPT funded the acquisition with 174,576 OP units based on a value per unit of $20.13 and $2.3M in cash.