FCPT Announces Acquisition of a Chase Bank Property from Seritage Transaction for $1.8 Million
MILL VALLEY, Calif.–(BUSINESS WIRE)–Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Chase Bank property for $1.8 million from the Seritage transaction announced in October 2019 and expanded in August 2020. The property is located in a highly trafficked corridor in Louisiana and is corporate-operated under a triple-net lease with approximately 20 years of term remaining. The Seritage transaction was priced at a cap rate in range with previous FCPT transactions.
Inclusive of today’s acquisition, FCPT has acquired a total of 23 properties for $71 million from Seritage.
About FCPT
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.
Contacts
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Gerry Morgan, 415-965-8032
CFO
