Benzinga | Dec 30, 2020 06:37PM EST

FCPT Acquires REI Property from Seritage Transaction for $6.8M

Four Corners Property Trust (NYSE:FCPT) is pleased to announce the acquisition of a Recreation Equipment, Inc. ("REI") property for $6.8 million from the Seritage transaction announced in October 2019 and expanded in August 2020. The property is located in a strong retail corridor in Virginia and is corporate-operated under a net lease with approximately five 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 22 properties for $70 million from Seritage.