Business Wire | Nov 19, 2021 06:24PM EST

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

Nov. 19, 2021

MILL VALLEY, Calif.--(BUSINESS WIRE)--Nov. 19, 2021--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 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.

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CONTACT: Four Corners Property Trust: Bill Lenehan, 415-965-8031 CEO

CONTACT: Gerry Morgan, 415-965-8032 CFO