Four Corners Property Trust (NYSE:FCPT), a real estate investment trust
engaged in the ownership of high-quality, net-leased restaurant
properties (“FCPT” or the “Company”), is pleased to announce the
acquisition of a Carrabba’s Italian Grill property for $2.2 million. The
property is located in Florida and is leased to the corporate operator
under a triple-net lease with approximately 3.5 years of term remaining.
Carrabba’s has 226 domestic locations (as of March 31, 2019), and is a
subsidiary of Bloomin’ Brands (NASDAQ: BLMN), which is also the owner of
the Outback Steakhouse, Bonefish Grill and Fleming’s Steakhouse brands.
The transaction was priced at a 7.3% 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. Additional information
about FCPT can be found on the website at http://www.fcpt.com/.