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.
FCPT funded the acquisition with proceeds from its revolving line of credit and from a 1031-exchange sale of an Olive Garden property in Pembroke Pines, FL. Both the Pembroke Pines Olive Garden and a Bahama Breeze restaurant in Tampa, FL traded as part of a 1031 deal valued at $24.8 million; the buyer was not disclosed. Both properties are leased to Darden Restaurants Inc., which spun off FCPT as a separate company that began trading on the New York Stock Exchange this past November.
“As one of the fastest growing franchisees in the nation, Cambridge has a superior track record of success,” says Lenehan. “We look forward to continuing the relationship and doing additional transactions with Cambridge.”
Matt Perelman, co-founder of Cambridge, says, “We're extremely excited to partner with the FCPT team. Their growing reputation is well-deserved and we look forward to more transactions together.”
Earlier this month, FCPT acquired a Dairy Queen location in Tulsa, OK for $2.6 million. The REIT says the property performs well-above national average for the brand and is located in a well-trafficked retail corridor. The tenant, which was not identified, is one of the largest franchisees for Dairy Queen nationwide.
Titled “Insights from a Triple Net Lease Industry Icon,” Lenehan's keynote is scheduled for 8:35 a.m. on Wednesday at the California Club in Los Angeles. Click here for additional information on the conference.
Hear from the net lease sector's top leaders as they explore current and emerging trends and provide their outlook for continued success in this space. Join us at RealShare Net Lease West on Nov. 1 and 2, where you'll meet the top owners, investors, brokers and financiers in the net lease and sale-leaseback community. Learn more.
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
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.
FCPT funded the acquisition with proceeds from its revolving line of credit and from a 1031-exchange sale of an Olive Garden property in Pembroke Pines, FL. Both the Pembroke Pines Olive Garden and a Bahama Breeze restaurant in Tampa, FL traded as part of a 1031 deal valued at $24.8 million; the buyer was not disclosed. Both properties are leased to
“As one of the fastest growing franchisees in the nation, Cambridge has a superior track record of success,” says Lenehan. “We look forward to continuing the relationship and doing additional transactions with Cambridge.”
Matt Perelman, co-founder of Cambridge, says, “We're extremely excited to partner with the FCPT team. Their growing reputation is well-deserved and we look forward to more transactions together.”
Earlier this month, FCPT acquired a Dairy Queen location in Tulsa, OK for $2.6 million. The REIT says the property performs well-above national average for the brand and is located in a well-trafficked retail corridor. The tenant, which was not identified, is one of the largest franchisees for Dairy Queen nationwide.
Titled “Insights from a Triple Net Lease Industry Icon,” Lenehan's keynote is scheduled for 8:35 a.m. on Wednesday at the California Club in Los Angeles. Click here for additional information on the conference.
Hear from the net lease sector's top leaders as they explore current and emerging trends and provide their outlook for continued success in this space. Join us at RealShare Net Lease West on Nov. 1 and 2, where you'll meet the top owners, investors, brokers and financiers in the net lease and sale-leaseback community. Learn more.
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