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FCPT Announces Acquisition of a REI Property from Seritage Transaction for $6.8 Million - Press Release


FCPT Announces Acquisition of a REI Property from Seritage Transaction for $6.8 Million
MILL VALLEY, Calif. (Business Wire) Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Recreation Equipment, Inc. (“REI”) property for $6.8 million from the Seritage transaction announced in October 2019 and expanded in August 2020. The property is located in a strong retail corridor in Virginia and is corporate-operated under a net lease with approximately five years of term remaining. The Seritage transaction was priced at a cap rate in range with previous FCPT transactions. ....

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