FCPT announces acquisition worth $18.8 million

MILL VALLEY: Four Corners Property Trust (FCPT) announced the acquisition of a six property portfolio for $12.0 million acquisition of a Recreation Equipment Inc. (REI) property for $6.8 million.

 The Recreation Equipment Inc properties include 7-Eleven, Advance Auto Parts, Starbucks, and Verizon (3) branded properties. They are located in highly trafficked corridors in CO, IN, NM, SC, TN, and WI. 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.

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 retail industries. www.fcpt.com