FCPT Closes Two Bank Properties from Washington Prime for $3.0 Million
October 18 2019 - 4:54PM
Business Wire
Four Corners Property Trust (NYSE:FCPT), a real estate
investment trust primarily engaged in the ownership of
high-quality, net-leased restaurant properties (“FCPT” or the
“Company”), closed on the purchase of two bank properties today
from Washington Prime Group Inc. (“WPG”) for $3.0 million. The
Citibank and PNC Bank properties are located in Illinois and Ohio,
respectively, and are leased to the corporate operators under
triple-net leases with approximately 3.8 years of average weighted
term remaining. The Washington Prime portfolio was priced at a
capitalization rate consistent with our investment thresholds and
past transactions.
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 seeks to grow its portfolio
by acquiring additional real estate to lease for use in the
restaurant and retail industries. Additional information about FCPT
can be found on the website at www.fcpt.com.
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Four Corners Property Trust: Bill Lenehan, 415-965-8031 CEO
Gerry Morgan, 415-965-8032 CFO
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