Four Corners Property Trust (NYSE:FCPT) announced the acquisition of a corporate-operated Buffalo Wild Wings restaurant property for $2.6 million. The property is located in Texas and is occupied under a double-net lease with approximately 3 years of term remaining. The transaction is the second of a two property Buffalo Wild Wings portfolio, the first of which was announced on October 28, 2019, and is priced at a 6.8% cash cap rate, inclusive of percentage rent paid and 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.
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