Four Corners Property Trust (FCPT) said late Tuesday it has purchased three properties in Texas and Florida for $6.6 million.
The company said the sites include corporate-operated Raising Cane's and Dollar General locations and a franchisee-operated Jiffy Lube, which are under long-term triple-net leases averaging eight years.
The deal reflects a 7.3% cap rate on rent, excluding transaction costs.
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