Four Corners Property Trust has acquired a Burger King property located in a strong retail corridor in Minnesota for $1.6 million. The transaction was priced at a 7.4% cap rate on rent as of the closing date, exclusive of transaction costs. The property is franchisee-operated by Dhanani Group under a triple net lease with approximately six years of term remaining.

Dhanani Group is one of the largest restaurant franchise operators in the United States, operating more than 500 Burger King restaurants and over 800 locations across multiple restaurant brands. Four Corners Property Trust is a real estate investment trust primarily engaged in the ownership, acquisition, and leasing of restaurant and retail properties.

Transaction Details

Shore Capital Partners has sold the real estate portfolio held by its Shore Capital Real Estate Partners Fund I to Four Corners Property Trust (FCPT) for approximately $268 million. The transaction, which closed on July 16, 2026, includes 102 Mission Pet Health (MPH) veterinary properties. MPH, one of the nation's largest veterinary operators with more than 930 locations, will continue operating at each location as the long-term tenant under net leases. This sale marks the successful realization of Shore's inaugural real estate fund, which focused on veterinary real estate since its platform launch in 2021.

The deal demonstrates the execution of Shore's integrated real estate strategy within its broader buy-and-build investment model. By deploying flexible real estate capital, Shore enabled portfolio companies to unlock capital for growth initiatives while continuing to operate in mission-critical locations. Through directly integrating solutions with MPH, independent veterinary practices joining the company had the option to monetize their real estate with MPH continuing as the long-term tenant.

"Our strategy was built to solve real estate challenges for growing businesses while creating attractive long-term opportunities for our investors," said Steve Malley, Shore Partner and Head of Real Estate. He noted that providing flexible real estate capital alongside Shore's operational investment model supported MPH's acquisition strategy and expansion while building a high-quality portfolio of mission-critical veterinary facilities.

Fund Evolution

Shore Capital Real Estate Partners Fund II has a broader mandate than its predecessor. While Fund I focused on veterinary real estate, Fund II will invest across Shore's Healthcare, Food & Beverage, Business Services, and Industrial portfolio companies. It will also pursue select opportunities with non-Shore businesses, extending the firm’s ability to offer flexible real estate solutions across a wider range of opportunities.

"As we continue to grow our investment platform, the successful realization of the first real estate fund is an important milestone," said Justin Ishbia, Shore Co-Founder and Managing Partner. He added that Fund II builds on that foundation by expanding beyond veterinary real estate to support the broader portfolio while pursuing select third-party opportunities.

Transaction Metrics

FCPT is a real estate investment trust primarily engaged in the ownership, acquisition, and leasing of restaurant and retail properties. The company is headquartered in Mill Valley, CA. Shore Capital Partners is a Chicago-based private equity firm with approximately $17 billion of assets under management and in additional investment platforms.