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 three newly built properties for $5.2 million. The portfolio spans three brands: Aspen Dental, Starbucks, and WellNow Urgent Care. The properties are newly constructed and located in a strong retail corridor in Michigan and are all corporate-operated under long-term net leases. The transaction was priced at a 6.9% cap rate on rent as of the closing date, exclusive of transaction costs.
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.