FCPT Announces Acquisition of Five Outback Steakhouse Properties for $19.7 Million from a Repeat Seller

MILL VALLEY, Calif.--(BUSINESS WIRE)--November 27, 2024-- 

Four Corners Property Trust $(FCPT)$, 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 five Outback Steakhouse properties for $19.7 million from the same Seller as that of the Bloomin' Brands 19-property portfolio the Company closed in August 2024. The properties are located in strong retail corridors across Texas (3), Florida (1), and Missouri (1) and are corporate operated under long-term net leases. The transaction was priced at a cap rate in range with previous FCPT transactions.

About FCPT

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. Additional information about FCPT can be found on the website at www.fcpt.com.

Category: Acquisition

View source version on businesswire.com: https://www.businesswire.com/news/home/20241127765448/en/

 
    CONTACT:    Four Corners Property Trust: 

Bill Lenehan, 415-965-8031

CEO

Patrick Wernig, 415-965-8038

CFO

(END) Dow Jones Newswires

November 27, 2024 16:05 ET (21:05 GMT)