MILL VALLEY: Four Corners Property Trust (FCPT), a real estate investment trust, announced the acquisition of a corporate-operated Big O Tires property for $2.7 million.
The lease is guaranteed by TBC Corporation, one of the largest independent tire retailers in the U.S. TBC operates or franchises 2,383 retail locations across its various brands, which include Tire Kingdom, National Tire & Battery, Big O Tires and Midas.
The property is located in a strong retail corridor in Minnesota and is occupied under a triple-net lease with approximately 5 years of term remaining. The transaction was priced at a 6.6% going-in cash capitalization rate or a 7.3% cash capitalization rate including a 12% contractual rent increase in October of this year.
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.