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 nine car wash properties for $40 million from a top five operator via a sale-leaseback. The properties are located in strong retail corridors in Florida, Indiana, Louisiana, Ohio, Oklahoma, and South Carolina. The sites are corporate-operated under a long-term, triple net master lease. The transaction was priced at a cap rate in range with previous FCPT transactions. Our tenant has requested confidentiality around disclosure of the brand name.
Bill Lenehan, CEO of FCPT, stated: “We are excited to undertake this transaction with a proven industry leader. This is FCPT’s first major acquisition in the car wash space, and it granted FCPT the opportunity to acquire very high-quality triple net leased real estate at an affordable basis and rent level for the car wash industry overall. As with all of our acquisitions, this portfolio reflects FCPT’s commitment to sourcing opportunities that match our high quality underwriting thresholds.”
About FCPT
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.
Contacts
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Gerry Morgan, 415-965-8032
CFO