Four Corners Property Trust Inc. (FCPT), a real estate investment trust specializing in net-leased restaurant and retail properties, has acquired a LongHorn Steakhouse property in Michigan for $2.5 million. The property is situated in a high-traffic area and is corporate-operated under a long-term, triple net lease, with approximately seven years remaining. The acquisition was completed at a 6.5% cap rate, not including transaction costs.
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