Four Corners Property Trust Inc (NYSE:FCPT) reported the acquisition of a Recreation Equipment, Inc. property from the Seritage transaction for $6.8 million.
The properties include 7-Eleven, Advance Auto Parts, Starbucks, and Verizon (3) branded properties. They are located in highly trafficked corridors in Colorado, Indiana, New Mexico, South Carolina, Tennessee, and W. The Starbucks, 7-Eleven, and Advance Auto Parts properties are corporate-operated.
The Verizon properties are operated by large franchisees with over 700 locations (Cellular Sales of Knoxville and The Cellular Connection). The portfolio has approximately six years of weighted average term remaining. The transaction was priced at a cap rate in range with previous FCPT transactions.
The company also announced the acquisition of a Recreation Equipment, Inc. (“REI”) property for $6.8 million from the Seritage transaction announced in October 2019 and expanded in August 2020. The property is located in a strong retail corridor in Virginia and is corporate-operated under a net lease with approximately five years of term remaining. The Seritage transaction was priced at a cap rate in range with previous FCPT transactions.
Inclusive of today’s acquisition, FCPT has acquired a total of 22 properties for $70 million from Seritage.
FCPT, headquartered in Mill Valley, Calif., 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, on a net basis, for use in the restaurant and retail industries.
FCPT declined 34 cents, or 1.1%, to $29.39.
