Four Corners Property Trust (FCPT) Acquires Dairy Queen Restaurant

October 20, 2016 4:49 PM EDT

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Four Corners Property Trust (NYSE: FCPT) announced the acquisition of a Dairy Queen restaurant in Tulsa, Oklahoma for $2.6 million. The restaurant is occupied under a triple-net lease with approximately 18 years of term remaining, and the transaction closed at a going-in cash cap rate of 6.6%, exclusive of transaction costs. The property performs well-above national average for the brand, is located in a well-trafficked retail corridor, and the tenant is one of the largest franchisees for Dairy Queen nationwide.

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