Benzinga | Jul 31, 2020 04:11PM EDT

FCPT Announces Acquisition Of Olive Garden Property And Adjacent Land For $5.5M

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 ground-leased Olive Garden property and additional acreage approved for another restaurant site for $5.5 million. The Company intends to use the site for the future development of a LongHorn Steakhouse to be operated by the Company's Kerrow operating business. The Olive Garden property is occupied under a 10-year triple-net ground lease with Darden, the brand's corporate operator. The acquired property is located in a strong retail corridor in San Antonio, TX. The transaction was priced at a capitalization rate consistent with previous transactions.

Carol Dilts, Vice President at Kerrow, added: "The team here is excited and looking forward to expanding in the San Antonio market. Everybody on the Kerrow team has demonstrated incredible tenacity throughout COVID, and we look forward to continued success over the coming quarters."