Four Corners Property Trust (NYSE:FCPT), a real estate investment trust
engaged in the ownership of high-quality, net-leased restaurant
properties (“FCPT” or the “Company”), is pleased to announce the
acquisition of a second Popeyes restaurant property through a
sale-leaseback with Cambridge Franchise Holdings (“Cambridge”) for $1.7
million. The property is located in Tennessee, and is occupied under a
new 20-year triple-net lease with a rent escalation of 1.5% annually.
This is FCPT’s sixth transaction with Cambridge, a franchisee with over
150 Burger King and Popeyes restaurants. The transaction was priced at a
similar going-in cash cap rate as previously announced transactions.
FCPT, headquartered in Mill Valley, CA, 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 related food services industry. Additional information
about FCPT can be found on the website at http://www.fcpt.com/.
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