FCPT Announces Acquisition of a Bubba’s 33 Restaurant Property for $3.1 Million
Nov 30th, 2022 16:57 EST
MILL VALLEY, Calif.--(BUSINESS WIRE)--Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Bubba’s 33 restaurant property for $3.1 million from the transaction previously announced in July 2022. The property is newly constructed and located in a highly trafficked corridor in Texas and is corporate-operated under a triple net lease with approximately 10 years of term remaining. The transaction was priced at a cap rate in range with previous FCPT transactions.
This is the last property to be acquired from the 7-property, $17.1 million outparcel portfolio transaction first announced in July 2022. The six other properties closed in a transaction announced in August 2022.
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.