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 a dual-tenant MOD Pizza and Del Taco restaurant property through a sale-leaseback with TEAM Schostak Family Restaurants for $2.7 million. The property is located in Chesterfield, Michigan and is occupied under two separate triple-net leases with new 10-year terms. The site was recently constructed and both the MOD Pizza and Del Taco portions are structurally independent. TSFR operates over 110 restaurants including Applebee's, MOD Pizza and Del Taco, and has been a restaurant franchisee in Michigan for 36 years. The transaction was priced at a 7.4% going-in cash cap rate.
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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