FCPT Announces Acquisition of a Bank of America Property from Seritage Transaction for $1.4 million

MILL VALLEY, Calif.--(BUSINESS WIRE)-- 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 a Bank of America property for $1.4 million from the Seritage transaction. The property is located in a strong retail corridor in Michigan and is corporate-operated under a triple net lease with approximately five years of term remaining. The transaction was priced at a cap rate in range with previous FCPT transactions.

Inclusive of today’s transaction, FCPT has acquired a total of 24 properties for $73 million from Seritage.

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.

Source: Four Corners Property Trust (FCPT)

Search News

Filter Results

Publication Date

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.