MILL VALLEY: Four Corners Property Trust announced the acquisition of a Chili’s restaurant property for $1.0 million.
The property is located in a strong retail corridor in GA and is occupied under a new triple net lease to a franchisee operator with twenty years of term remaining with four, 5-year options and annual rent increases of 1.5%.
The transaction was priced at a 7.50% going-in cash capitalization rate, exclusive of transaction costs. FCPT will contribute additional funds to remodeling the building with a commensurate return.
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