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 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.
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/.