FCPT Announces Acquisition of Two Popeyes Properties for $4.7 Million
The properties are located in strong retail corridors in Arizona and Illinois and are occupied under a long-term, triple net lease with approximately 20 years of term remaining.
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties, announced the acquisition of two Popeyes properties for $4.7 million. The properties are located in strong retail corridors in Arizona and Illinois and are occupied under a long-term, triple net lease with approximately 20 years of term remaining. The properties are in the final stages of construction but rent will commence immediately at close. The transaction was priced at a cap rate in range with previous FCPT transactions.
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries.
