Business Wire | Dec 29, 2021 07:08PM EST

FCPT Announces Acquisition of a Portillo's Restaurant Property from Seritage Transaction for $3.3 Million

Dec. 30, 2021

MILL VALLEY, Calif.--(BUSINESS WIRE)--Dec. 30, 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 Portillo's restaurant property for $3.3 million. The property is located in a strong retail corridor in Wisconsin and is occupied under a long-term triple net lease. 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 25 properties for $76 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