FCPT acquires Tires Plus property for $1.7 million
Four Corners Property Trust acquired a Tires Plus property in Minnesota for $1.7 million at a 6.9% cap rate. The site is corporate-operated under a triple net lease with approximately five years of term remaining.
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Four Corners Property Trust acquired a Tires Plus property located in a strong retail corridor in Minnesota for $1.7 million. The transaction was priced at a 6.9% cap rate on rent as of the closing date, exclusive of transaction costs. The property is corporate-operated under a triple net lease with approximately five years of term remaining.
Transaction Details
The acquisition adds a net-leased retail asset to Four Corners Property Trust's portfolio. The property is secured by a triple net lease structure, which typically requires the tenant to pay property taxes, insurance, and maintenance costs.
| Metric | Value |
|---|---|
| Acquisition Price | $1.7 million |
| Cap Rate | 6.9% |
| Lease Term Remaining | Approximately 5 years |
| Lease Type | Triple Net |
About Four Corners Property Trust
Four Corners Property Trust is a real estate investment trust primarily engaged in the ownership, acquisition, and leasing of restaurant and retail properties. Headquartered in Mill Valley, CA, the company seeks to grow its portfolio by acquiring additional real estate to lease on a net basis for use in the restaurant and retail industries.
What are Four Corners Property Trust's plans for lease renewal or tenant retention once the five-year term expires?
How does this acquisition align with the company's broader strategy for expanding its retail portfolio in the Midwest?
What impact might rising interest rates have on future cap rates for similar net-leased retail properties?
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