MILL VALLEY: Four Corners Property Trust (FCPT) announced the acquisition of a Chick-fil-A restaurant property for $2.1 million from the previously announced Washington Prime Group transaction.
The property is located in Indiana and is under a triple-net lease to the brand’s corporate entity with a lease term of approximately six years remaining. The Washington Prime portfolio was priced at a capitalization rate consistent with FCPT’s investment thresholds and past transactions.
Inclusive of today’s acquisition, FCPT has acquired a total of 48 properties for $77.7 million from Washington Prime Group.
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 for use in the restaurant and retail industries.