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 (“FCPT” or the “Company”), is pleased to announce the acquisition of five Burger King properties leased to Cambridge Franchise Holdings (“Cambridge”) for $11.5 million. The five properties are located in Keysville, Virginia; Roxboro, North Carolina; Oxford, North Carolina; Huntsville, Alabama; and Amory, Mississippi. The restaurants are occupied under new individual triple-net leases with 20-year terms, and the transaction closed at a going-in cash cap rate consistent with previously announced transactions. Cambridge, a 98-unit franchisee, has been actively renovating these properties and will continue to do so over the next few years.
FCPT funded the acquisition with proceeds from its revolving line of credit and from an Internal Revenue Code Section 1031 like-kind exchange (“1031-Exchange”) sale of an Olive Garden property in Florida announced earlier this week.
Bill Lenehan, with FCPT, commented, “We are delighted to partner with Cambridge and assist their team in its growth. As one of the fastest growing franchisees in the nation, Cambridge has a superior track record of success. We look forward to continuing the relationship and doing additional transactions with Cambridge.”
Matt Perelman, Cambridge’s Co-Founder, stated “We’re extremely excited to partner with the FCPT team. Their growing reputation is well-deserved and we look forward to more transactions together.”
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/.
About Cambridge Franchise Holdings
Cambridge Franchise Holdings was formed in 2014 by Matt Perelman and Alex Sloane in partnership with Ray Meeks, a 30-year Burger King franchisee and seasoned restaurant operator. Cambridge Franchise Holdings owns and operates 98 Restaurants, 5 Convenience Stores and real estate in Alabama, Arkansas, Louisiana, Mississippi, North Carolina, Tennessee and Virginia. The company aims to grow its restaurants and its team through consistent, high quality, profitable operations.