FCPT Announces Acquisition of a Bank of America Property from Seritage Transaction for $1.4 million
MILL VALLEY, CA - Nov. 19, 2021
MILL VALLEY, Calif.--(BUSINESS WIRE)-- Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Bank of America property for $1.4 million from the Seritage transaction. The property is located in a strong retail corridor in Michigan and is corporate-operated under a triple net lease with approximately five years of term remaining. The transaction was priced at a cap rate in range with previous FCPT transactions.
Inclusive of today’s transaction, FCPT has acquired a total of 24 properties for $73 million from Seritage.
About FCPT
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail 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. Additional information about FCPT can be found on the website at www.fcpt.com.
Bill Lenehan, 415-965-8031
CEO
Gerry Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust
View original content: Businesswire
Four Corners Property Trust, Inc.
Symbol: FCPT
CIK: 1650132
Exchange: NYSE
Founded: 2015 (10 years)
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Mid-Cap
REIT Sector: Retail
REITRating is REITNote's Real Estate Investment Trust industry-specific rating and ranking system. The overall score is out of ten points, with ten being the best score.
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