FCPT buys an Olive Garden Property for $2.9 million

MILL VALLEY: Four Corners Property Trust (FCPT), announced that it has bought an Olive Garden property for $2.9 million.

The property is located within a strong retail corridor in South Carolina and is occupied under a triple-net lease to Darden Restaurants with six years of term remaining.

The transaction was priced at a 6.2% cap rate on rent today and exclusive of transaction costs, or 6.8% inclusive of a contractual rent increase in January 2021.

Four Corners Property Trust (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.

www.fcpt.com