FCPT Announces Acquisition of 7 Burger King Restaurant Properties for $16.0 Million
The properties are occupied under two separate triple-net master leases with 20-year initial terms and above average brand performance.
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 seven Burger King properties leased to Cambridge Franchise Holdings for $16.0 million. The properties are occupied under two separate triple-net master leases with 20-year initial terms and above average brand performance. The first master lease pool consists of four properties in Mississippi and Tennessee that have all been recently renovated and re-imaged by Cambridge. The second master lease pool consists of three properties in Mississippi and Indiana that are newly constructed. This is the third transaction with Cambridge, now a 120-unit franchisee, at a similar going-in cash cap rate as previously announced transactions.
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.
Cambridge Franchise Holdings was formed in 2014 by Matt Perelman and Alex Sloane in partnership with Ray Meeks, a 30-year Burger King franchisee and seasoned restaurant operator. Cambridge Franchise Holdings owns and operates 120 Restaurants, 5 Convenience Stores and real estate in Alabama, Arkansas, Indiana, Kentucky, Louisiana, Mississippi, North Carolina, Tennessee and Virginia.
