Four Corners Property Trust (NYSE:FCPT) announced the acquisition of a Bojangles’ Famous Chicken ‘n Biscuits restaurant property for $1.5 million. The property is located in North Carolina and is occupied under a triple-net lease with the corporate operator that has approximately 5.5 years of term remaining. The transaction was priced at a 6.8% going-in cash capitalization rate.
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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