FCPT Announces Acquisition of a Burger King Property for $1.7 Million and Total 2024 Acquisition Volume of $265 Million
The property is located in a strong retail corridor in Virginia and is under a corporate long-term triple net lease with approximately 13 years of remaining term.
Four Corners Property Trust (NYSE:FCPT) announced the acquisition of a Burger King property for $1.7 million. The property is located in a strong retail corridor in Virginia and is under a corporate long-term triple net lease with approximately 13 years of remaining term. The transaction was priced at a 7.0% cap rate on rent as of the closing date and exclusive of transaction costs.
Including today’s acquisition, FCPT completed real estate acquisitions of 87 properties in 2024 for a total investment of approximately $265 million, exclusive of transaction costs.
“We ended 2024 with our busiest four months of the year, including $199 million of real estate acquisitions since late August,” said CEO Bill Lenehan. “We are excited to carry that momentum into 2025 as we continue to build out our company and investment platform.”
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.
