FCPT Announces Acquisition of a LongHorn Steakhouse Property for $2.5 Million
The property is located in a highly trafficked corridor in Michigan and is corporate-operated under a long term, triple net lease with approximately seven years of term remaining.
Four Corners Property Trust (NYSE:FCPT) announced the acquisition of a LongHorn Steakhouse property for $2.5 million. The property is located in a highly trafficked corridor in Michigan and is corporate-operated under a long term, triple net lease with approximately seven years of term remaining. The transaction was priced at a 6.5% cap rate on rent as of the closing date and exclusive of transaction costs.
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.
