MILL VALLEY, Calif.--(BUSINESS WIRE)--
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 sixteen KFC properties in Wisconsin, Indiana and Michigan for $21.1 million. The restaurants are occupied under new triple-net leases with 20-year terms, of which seven properties are under a master-lease and nine properties are under individual leases. The transaction closed at a going-in cash cap rate of 6.5%, exclusive of transaction costs. The tenant has a strong track record as a YUM! Brands operator, with over 130 KFC and Taco Bell units, in addition to units with other restaurant concepts.
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 a Bahama Breeze property in Florida announced in October 2016.
Bill Lenehan, with FCPT, commented, “We are pleased to announce our largest sale leaseback to date, in a transaction consistent with our stated acquisition program. Our newest operating partner is an experienced franchisee who is a strong credit tenant.”
About FCPT
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/.
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