FCPT Announces Acquisition of Dual-Tenant Panera Bread / AT&T Property for $2.6 million
MILL VALLEY, Calif.--(BUSINESS WIRE)-- Four Corners Property Trust (NYSE: FCPT), a real estate investment trust engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a dual-tenant property for $2.6 million. The property is occupied by a corporate-operated Panera Bread and a corporate-operated AT&T (NYSE: T). Each tenant is subject to a separate net lease with approximately nine years of weighted average term remaining. The property is located in Indiana. The transaction was priced at a 6.8% going-in cash cap rate, after property management expenses and exclusive of transaction costs.
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 http://www.fcpt.com/.
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
Gerry Morgan, 415-965-8032
Source: Four Corners Property Trust