Four Corners Property Trust FCPT, a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties ("FCPT" or the "Company"), is pleased to announce the acquisition of a Truist Bank property for $2.2 million from the Seritage transaction announced in October 2019 and expanded in August 2020. The property (corporate lease) is located in Virginia and is situated within a highly trafficked and populated corridor. The property has a remaining term of approximately nine years. The transaction was priced at a cap rate in range with previous FCPT transactions.
Inclusive of today's acquisition, FCPT has acquired a total of 20 properties for $61 million from Seritage.
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 seeks to grow its portfolio by acquiring additional real estate to lease for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201016005638/en/
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.