Four Corners Property Trust (NYSE:FCPT) announced the acquisition of a LongHorn Steakhouse property and an Olive Garden property for $3.3 million from Pyramid Management Group. The properties are outparcels to Salmon Run, a Pyramid-owned shopping, dining and entertainment destination located in Watertown, New York and are occupied under triple net leases with 4 years of weighted average term remaining. The transaction was priced at a 7.0% 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.
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