Four Corners Property Trust (NYSE:FCPT) announce the acquisition of a Panera Bread property for $2.3 million. The property is located in Illinois and is leased to the corporate operator under a double-net lease with approximately 3 years of term remaining. The transaction was priced at a 7.4% 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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