Four Corners Property Trust (FCPT) said late Friday it acquired six Whataburger properties in Alabama for $16.8 million from MWB Restaurants through sale-leaseback.
The properties are franchisee-operated under long-term, triple net leases with a remaining term of about 20 years, the real estate investment trust said.
Four Corners Property Trust said the deal was priced at a 6.8% cap rate on rent as of the closing date and excludes transaction costs.
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