Four Corners Property Trust (FCPT) announced the acquisition of a LongHorn Steakhouse property for $2.5M. The property is located in a highly trafficked corridor in Michigan and is corporate-operated under a long term, triple net lease with approximately seven years of term remaining. The transaction was priced at a 6.5% cap rate on rent as of the closing date and exclusive of transaction costs.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FCPT:
- FCPT acquires portfolio of automotive service properties for $4.7M
- Four Corners Property Trust acquires Olive Garden property for $4.1M
- Four Corners Property Trust acquires Tires Plus property for $1.7M
- Four Corners Property Trust acquires auto service property for $5.8M
- Four Corners Property Appoints New Chair of the Board