FCPT Announces Acquisition of a BJ's Restaurant Property from Seritage Transaction for $3.1 Million
The property is located in Maryland within a highly trafficked and populated corridor and has approximately seven years of term. The transaction was priced at a cap rate in range with previous FCPT transactions.
Four Corners Property Trust (NYSE:FCPT) announced the acquisition of a corporate-operated BJ’s Restaurant and Brewhouse property for $3.1 million from the Seritage transaction announced in October 2019 and expanded in August 2020. The property is located in Maryland within a highly trafficked and populated corridor and has approximately seven years of term. The transaction was priced at a cap rate in range with previous FCPT transactions.
Inclusive of today’s acquisition, FCPT has acquired a total of 15 properties for $48 million from Seritage.
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.
