Benzinga | Oct 15, 2021 04:06PM EDT

Four Corners Property Trust Announces Acquisition Of A Chili's Property For $3.2M

Four Corners Property Trust (NYSE: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 Chili's restaurant property for $3.2 million. The property is located in a strong retail corridor in Missouri and is occupied under a new triple net lease by a franchisee operator with 20 years of term remaining and 1.5% annual rent increases. The transaction was priced at a 6.5% going-in cash capitalization rate, exclusive of transaction costs.