Four Corners Property Trust (NYSE:FCPT) announced the acquisition of a corporate-operated Arby’s restaurant property for $1.6 million. The property is located in Michigan and is occupied under a triple-net lease guaranteed by Arby’s corporate entity with approximately 6 years of term remaining. The transaction was priced at a 7.0% going-in cash cap 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 related food services industry.
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