FCPT Announces Acquisition of 2 Taco Bell Restaurant Properties for $3.4 million
July 26 2017 - 2:29PM
Business Wire
Four Corners Property Trust (NYSE:FCPT), a real
estate investment trust engaged in the ownership of high-quality,
net-leased restaurant properties (“FCPT” or the “Company”), is
pleased to announce the acquisition of two properties leased to
K-MAC Enterprises, LLC (“KMAC”) for $3.4 million. The properties
are located in Indiana and occupied under individual triple-net
leases with new 20-year terms, which were negotiated by FCPT prior
to closing. Both sites are scheduled to be remodeled in the next 4
years, which will include decoupling from a combination KFC / Taco
Bell to a single concept Taco Bell at one of the properties. KMAC
is one of the largest YUM! Brands franchisees, with over 280 Taco
Bell and KFC units across the Midwest and Southeast. The
transaction was priced at a 6.5% going-in cash cap rate, pro forma
for the amended terms of the lease.
Bill Lenehan, CEO of FCPT, commented “We are pleased to announce
another transaction demonstrating FCPT as an attractive landlord
partner for restaurant operators. Our team’s ability to be nimble
in lease negotiations resulted in a new long-term agreement with a
strong credit tenant.”
About FCPT
FCPT, headquartered in Mill Valley, CA, is a real estate
investment trust primarily engaged in the acquisition and leasing
of restaurant properties. The Company will seek to grow its
portfolio by acquiring additional real estate to lease, on a
triple-net basis, for use in the restaurant and related food
services industry. Additional information about FCPT can be found
on the website at http://www.fcpt.com/.
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Four Corners Property Trust:Bill Lenehan, 415-965-8031CEOGerry
Morgan, 415-965-8032CFO
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