Development

FCPT Announces Acquisition of Four Hardee’s Restaurant Properties for $7.0 Million

Hardees

Four Corners Property Trust (NYSE:FCPT), a real estate investment trust engaged in the ownership of high-quality, net-leased restaurant properties, announced the acquisition of four Hardee’s properties, three in Georgia and one in Alabama, for $7.0 million. The restaurants are occupied under a new triple-net master lease with 20-year term. The transaction closed in conjunction with the tenant’s acquisition of the Georgia sites’ operations, and was priced at a going-in cash cap rate of 6.5%, exclusive of transaction costs. The restaurants are above average performers for the brand and well-located in their respective communities. The tenant has a strong performance record within the Hardee’s system.

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company will seek to grow its portfolio by acquiring additional real estate to lease, on a triple-net basis, for use in the restaurant and related food services industry. 



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