MILL VALLEY–(BUSINESS WIRE)–Four Corners Property Trust (FCPT), a real estate investment trust engaged in the ownership of high-quality, net-leased restaurant properties has acquired LongHorn Steakhouse property and an IHOP property for $2.6 million.[the_ad id=”31605″]The properties are located in Alabama and Virginia, respectively, and are occupied under triple net leases with 8 years of weighted average term remaining. The transaction was priced at a 6.9% going-in cash cap rate, exclusive of transaction costs.
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and related food services industry.