Four Corners Property Trust said late Thursday it has acquired restaurant properties consisting of three restaurant concepts for $5.8 million. The deal includes two Burger Kings, one Steak’n Shake and one Taco Bell across Alabama, Indiana, New York and Tennessee.
The restaurants are occupied under triple-net leases with a weighted average 12 years of remaining term, and the transaction closed at an effective going-in cap rate of 6.6%, exclusive of transaction costs. The operators are a mix of corporate tenants and strong franchisees.
Four Corners Property Trust said the deal is a follow up to the operating partnership unit deal that it completed with U.S. Restaurant Properties in November. FCPT said it funded the acquisition with 174,576 operating partnership units based on a value per unit of $20.13 and $2.3 million in cash.