Four Corners Property Trust (NYSE:FCPT announced the acquisition of a dual-tenant Starbucks and Noodles & Company restaurant for $2.4 million from PREIT. The property is located in Maryland, and is occupied under two, separate double-net leases with approximately 6.3 years of term remaining and a rent escalation of 2.0% annualized. Both of the leases are with the corporate operator of each tenant’s respective brand. 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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