Four Corners Property Trust (FCPT) announced the acquisition of a Chuy’s property for $2.9M. Chuy’s, recently acquired by Darden Restaurants, is a casual dining restaurant chain with over 100 locations across the United States known for its Tex-Mex cuisine. The property is located in a strong retail corridor in Texas and is corporate-operated under a triple net lease with approximately five years of term remaining. The transaction was priced at a 6.7% cap rate on rent as of the closing date and exclusive of transaction costs.
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