FCPT Announces Acquisition of a Portfolio of National Tire and Battery Properties for $11.6 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 six NTB (National Tire and Battery) branded properties for $11.6 million. The properties are located in highly trafficked retail corridors in Mississippi and Ohio and are corporate-operated under triple net leases with approximately three years of weighted average term remaining. The portfolio was priced at a 7.6% capitalization rate, exclusive of transaction costs.
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.
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