Business Wire | Jun 29, 2021 06:13PM EDT

FCPT Announces Acquisition of a Chase Bank Property from Seritage Transaction for $1.8 Million

Jun. 29, 2021

MILL VALLEY, Calif.--(BUSINESS WIRE)--Jun. 29, 2021--Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties ("FCPT" or the "Company"), is pleased to announce the acquisition of a Chase Bank property for $1.8 million from the Seritage transaction announced in October 2019 and expanded in August 2020. The property is located in a highly trafficked corridor in Louisiana and is corporate-operated under a triple-net lease with approximately 20 years of term remaining. The Seritage transaction was priced at a cap rate in range with previous FCPT transactions.

Inclusive of today's acquisition, FCPT has acquired a total of 23 properties for $71 million from Seritage.

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant 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.

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CONTACT: Four Corners Property Trust: Bill Lenehan, 415-965-8031 CEO Gerry Morgan, 415-965-8032 CFO