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Four Corners Buys Outparcels Four Corners Property Trust acquired another 14 outparcel properties, adding to its retail ownership.

MILL VALLEY, CA—Four Corners Property Trust, a real estate investment trust engaged in the ownership of net-leased restaurant properties, has signed a definitive agreement for the purchase of 14 outparcel properties from PREIT for $29.9 million. The transaction is priced at a 6.5% going-in cash cap rate, exclusive of transaction costs. The portfolio includes 10 single tenant restaurant properties, three non-restaurant retail properties and one restaurant-anchored multi-tenant property. The properties are expected to close on a rolling basis from the fourth quarter of 2019 through the first half of 2020, subject to customary closing conditions, seller’s board approval and regulatory approvals.

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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