FCPT Announces Sale Leaseback of a BJ's Restaurant Property for $3.8 Million

Four Corners Property Trust (NYSE:FCPT) announced the acquisition of a corporate-operated BJ’s Restaurant (NASDAQ: BJRI) property for $3.8 million via a sale-leaseback. The property is located in Texas and is occupied under a triple-net lease with 15.0 years of term, and four, 5-year options. This transaction is part of a two-property sale-leaseback with BJRI. The transaction was priced at a cap rate in range with previous FCPT transactions.

In conjunction with the sale-leaseback transaction, FCPT and BJRI also amended seven existing lease agreements by increasing rent, extending term, and including annual sales reporting among other items, in exchange for tenant allowance funds.

Bill Lenehan, CEO of Four Corners Property Trust, stated: “The relationship we have established with BJ’s Restaurants has allowed us to think creatively about how to partner together, especially during the pandemic. BJ’s and FCPT were able to strike a mutually beneficial agreement and expand our relationship. We look forward to continuing our working partnership and helping their team grow.”

Greg Lynds, EVP and Chief Development Officer of BJ’s Restaurants, Inc., stated: “We are pleased to expand our relationship with Four Corners Property Trust to eleven restaurants with this multi-faceted transaction. We look forward to a long and prosperous relationship with Four Corners and the opportunity to grow our partnership even further.”

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.