Four Corners Property Trust (FCPT) announces $46 million acquisition from Brookfield.
Four Corners Property Trust (FCPT) announced today that it is under agreement to acquire 24 outparcel locations from Brookfield Properties for a combined purchase price of $46.4 million. The portfolio is said to include 14 restaurant properties plus 10 properties operating in other retail sectors. The remaining lease term for the group is approximately seven years.
The 14 restaurant properties include a number of national brands including Black Angus, Bonefish Grill, Chili's, Olive Garden, Outback Steakhouse, Red Lobster, and Wendy's. The group of service properties includes five banks, two auto-related properties, a hotel, and a business services / shipping store. The company noted that the non-restaurant properties have similar locations, building size, lease structure and tenant credit as the company's existing restaurant properties.
Four Corners Property Trust is an equity REIT specializing in the acquisition and ownership of free-standing restaurant properties. As of June 30, 2019, FCPT's portfolio included 642 properties in 45 states with an enterprise value of approximately $2.5 billion.