Four Corners Property Trust (NYSE:FCPT) announced the acquisition of a Recreational Equipment, Inc. property for $5.2 million as part of a previously announced outparcel transaction with PREIT (NYSE: PEI). The property is located in Michigan and is occupied under a net lease with 9 years of term remaining. The property is newly constructed and is leased to the corporate operator. This transaction is the second closing of the previously announced PREIT portfolio transaction in November, priced at a 6.5% going-in cash cap rate, on a portfolio basis, 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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