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 Wendy’s restaurant in Odessa, TX for $2.1 million. FCPT funded the acquisition with cash on hand. The restaurant is occupied under a triple-net lease with approximately 10 years of remaining term, and the transaction closed at a going-in cash cap rate of 6.5%, exclusive of transaction costs. The property is a strong performer in an attractive location, and the tenant is an experienced Wendy’s franchisee with strong credit.
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/.