Four Corners Adds NNN QSRs to Portfolio

Lenehan has served as head of Four Corners Property Trust since August of 2015.

MILL VALLEY, CA—On the eve of reporting its third-quarter results on Thursday and CEO William Lenehan’s keynote address at RealShare Net Lease West on Wednesday, Four Corners Property Trust has added to its 44-state portfolio of net-leased restaurants. The Mill Valley, CA-based REIT said laste Friday afternoon that it had acquired five Burger King properties leased to Cambridge Franchise Holdings for $11.5 million.

The five quick-serve restaurant properties are located in Keysville, VA; Roxboro and Oxford, NC; Huntsville, AL; and Amory, MS. The restaurants are occupied under new individual triple-net leases with 20-year terms, and the transaction closed at a going-in cash cap rate that’s consistent with previously announced transactions. Cambridge, a 98-unit franchisee, has been actively renovating these properties and will continue doing so over the next few years.