FCPT Announces Acquisition of a Heartland Dental Property for $2.6 Million
Summary
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 Heartland Dental property for $2.6 million. The property is located in a strong retail corridor in Missouri and is occupied under a long-term, triple net lease with approximately five years of term remaining. The transaction was priced at a 7.0% cap rate including rent credits received at closing, or a 6.8% cap rate on rent as of the closing date and exclusive of transaction costs. 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.