FCPT Announces Sale Leaseback of Nine Car Wash properties from Top Five Operator for $40 Million
29 Junho 2023 - 7:01PM
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230629561131/en/
Four Corners Property Trust: Bill Lenehan, 415-965-8031 CEO
Gerry Morgan, 415-965-8032 CFO
Four Corners Property (NYSE:FCPT)
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