FCPT Announces Sale-Leaseback of a Portfolio of Six Whataburger Properties from MWB Restaurants for $16.8 Million
The properties are newly constructed and located in strong retail corridors in Alabama and franchisee-operated under long term, triple net leases with approximately 20 years of term remaining.
Four Corners Property Trust (NYSE:FCPT) announced the acquisition of six Whataburger properties for $16.8 million from MWB Restaurants via sale-leaseback. The properties are newly constructed and located in strong retail corridors in Alabama and franchisee-operated under long term, triple net leases with approximately 20 years of term remaining. The transaction was priced at a 6.8% 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.
