Four Corners Property Trust (NYSE:FCPT) closed on the purchase of eight additional restaurant properties today from Washington Prime Group Inc. (“WPG”). The eight properties include five corporate-leased Buffalo Wild Wings, IHOP, McDonald’s, Olive Garden, and Red Lobster restaurants and three franchisee-leased Outback Steakhouse, Taco Bell, and Wendy’s restaurants, all located in Colorado.
The purchase price for the eight properties was approximately $9.4 million and represents a capitalization rate consistent with our investment thresholds and past transactions. The leases have a current weighted average remaining term of approximately 8.5 years.
This is the sixth closing of the acquisition previously announced in September 2017 with 28 properties now closed for approximately $42 million. Closing of the remaining properties is expected to be completed throughout the remainder of 2019 based on the timing of parcelization of each respective property, subject to remaining due diligence and customary closing conditions. Additional detail on all properties acquired from WPG will be disclosed upon the closing of each of the additional properties.
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 for use in the restaurant and related food services industry.
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