MILL VALLEY, Calif.–Four Corners Property Trust (NYSE:FCPT), a real estate investment trust engaged in the ownership of high-quality net leased restaurant properties, is pleased to announce the acquisition of two Arby’s restaurants in Roanoke Rapids and Rocky Mount, North Carolina for $3.5 million. FCPT funded the acquisition with cash on hand. The restaurants are occupied under a triple-net lease with approximately 18 years of remaining term, and the transaction closed at a going-in cash cap rate of 6.6%, exclusive of transaction costs. The properties are above average performers in well-trafficked retail corridors, and the tenant is a growing and profitable franchisee.
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company will seek to grow its portfolio by acquiring additional real estate to lease, on a triple net basis, for use in the restaurant and related food services industry. Additional information about FCPT can be found on the website at http://www.fourcornerspropertytrust.com/.