Four Corners Property Trust (NYSE:FCPT) closed on the acquisition of a McDonald’s restaurant today from Washington Prime Group Inc. for $3.4 million. The property is located in Virginia and is leased to McDonald’s corporate under a triple-net lease with approximately 5 years of term remaining with three additional 5-year renewal terms remaining and built-in rent escalators. When taken together with the rest of the portfolio, the transaction was priced at a capitalization rate consistent with our investment thresholds and past transactions.
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 retail industries.
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