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 the real estate of three Buffalo Wild Wings restaurants in Galesburg and Macomb, Illinois and Burlington, Iowa for $7.9 million. FCPT funded the acquisition with cash on hand. The restaurants are 100% occupied under triple-net leases with 12 years of term remaining, and the transaction closed at a going-in cash cap rate of 6.5%, exclusive of transaction costs. The properties are well-located within their respective communities and have strong rent coverages.
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/.