FCPT Announces Acquisition of Three Ground Leased Properties for $3.6 Million
The three properties are well-located in the main retail corridor of the community and are leased to the corporate operators of LongHorn Steakhouse, Ruby Tuesday and Androscoggin Bank.
Four Corners Property Trust (NYSE:FCPT) announced the acquisition of three ground leased properties in Maine for $3.6 million. The three properties are well-located in the main retail corridor of the community and are leased to the corporate operators of LongHorn Steakhouse, Ruby Tuesday and Androscoggin Bank. The buildings are occupied under triple-net ground leases with an average remaining term of approximately 7 years. The transaction was priced at a 6.9% 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 for use in the restaurant and retail industries.
