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FCPT Announces Acquisition of Five Properties From Washington Prime Group for $8.6M

Four Corners Property Trust (NYSE: FCPT) is pleased to announce the acquisition of five restaurant properties for $8.6 million from the previously announced Washington Prime Group transaction.

Benzinga · 12/31/2019 10:41

Four Corners Property Trust (NYSE: FCPT) is pleased to announce the acquisition of five restaurant properties for $8.6 million from the previously announced Washington Prime Group transaction. The closing includes BJ's Restaurant and Brewhouse, McDonald's, and Taco Bell properties located in Florida and Steak ‘n Shake and White Castle properties located in Indiana. Four of the five properties are leased to the brand's corporate entity with the Taco Bell leased to a franchisee. The properties have a weighted average lease term of approximately 13 years remaining. The Washington Prime portfolio was priced at a capitalization rate consistent with FCPT's investment thresholds and past transactions.