FCPT Announces Acquisition of Two Burger King Restaurant Properties for $3.3 Million
Four Corners Property Trust (NYSE:FCPT) announced the acquisition of two Burger King restaurant properties leased to Cambridge Franchise Holdings for $3.3 million.
The properties are located in Mississippi, and are occupied under two new and separate triple-net leases with 20 years of term remaining and a rent escalation of 1.5% annually. This is FCPT’s fourth transaction with Cambridge, a franchisee with over 120 Burger King restaurants. The transaction was priced at a similar going-in cash cap rate as previously announced transactions.
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 related food services industry.