FCPT Announces Sale-Leaseback of a Tire Discounters Property for $1.8 Million
29 Dezembro 2023 - 8:21PM
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 Tire Discounters property for $1.8 million via sale-leaseback
transaction. Tire Discounters is the country’s largest family-owned
and operated automotive service provider, with its brands currently
operating over 200 locations and growing. The property is located
in Kentucky, and is corporate-operated under a long-term, triple
net lease. The transaction was priced at a cap rate in range with
previous FCPT transactions.
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.
About Tire Discounters
Tire Discounters was founded by Chip Wood in 1976 in Cincinnati,
Ohio and is still 100% family-owned and operated. Chip remains the
sole owner and company Chairman, but over the past several years
has been smoothly transitioning to the second generation of
leadership. President Jamie Ward, a valued employee for more than
25 years, is now the driving force in the company day-to-day,
working closely with Chip’s children, Anna, Steven, and Evan Wood,
to help them learn the business from the ground up.
Tire Discounters is the nation’s largest, 100% family-owned and
operated independent tire provider and is growing rapidly. The
Cincinnati-based company leads the way in providing unique and
innovative customer benefits designed to make tires last longer and
maximize the overall performance of a vehicle. Tire Discounters’
ASE-certified technicians provide routine automotive repair and
factory scheduled maintenance. Tire Discounters brands currently
employ more than 2,000 people in over 200 locations in Ohio,
Kentucky, Indiana, Tennessee, Georgia, Alabama, North Carolina, and
Virginia.
Tire Discounters also operates four distribution centers,
located in Sharonville, Ohio; Mt. Juliet, Tennessee; Atlanta,
Georgia; and Monroe, Georgia. The Tire Discounters family of
businesses includes Chip's Auto Glass and Carriage House Car Wash.
The company’s headquarters are in downtown Cincinnati, Ohio.
https://www.tirediscounters.com.
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Four Corners Property Trust: Bill Lenehan, 415-965-8031 CEO
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