FCPT Announces Acquisition of a LongHorn Steakhouse Property from Brookfield Properties for $2.1 Million
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a LongHorn Steakhouse property for $2.1 million from a previously announced Brookfield Properties transaction. The property is located in a highly trafficked retail corridor in Oklahoma and is corporate-operated under a triple net lease with approximately seven years of term remaining. The Brookfield Properties portfolio was priced at a capitalization rate consistent with previous FCPT transactions.
Inclusive of today’s acquisition, FCPT has acquired a total of 17 properties for $29 million related to the Brookfield portfolio announced in October 2019.
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant 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.