Four Corners Property Trust (NYSE:FCPT announce dthe acquisition of five Red Lobster restaurant properties in Illinois, Michigan, Ohio, Pennsylvania and South Carolina for $18.5 million. The five newly acquired properties are under a single, triple-net master lease which includes eight other Red Lobster properties previously acquired by FCPT in November 2017 and December 2018. The 13-unit master lease has approximately 20 years of term remaining and annual rent escalations of 2.0%. The transaction was priced at a similar going-in cash capitalization rate as previously announced transactions. Red Lobster operates over 700 restaurants across the U.S. and Canada and is the largest casual dining seafood brand in the U.S. This transaction marks over $500 million of acquisitions since FCPT’s investment platform launched in July 2016.
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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