The restaurant brands include Wendy's in addition to Olive Garden, Outback, Starbucks and Texas Roadhouse.
MILL VALLEY, CA—Four Corners Property Trust has signed a definitive agreement for the purchase of 20 additional outparcel properties from Washington Prime Group for $37.8 million. This pricing reflects a mid-6% capitalization rate on in-place net operating income.
The transaction is Four Corners' first investments outside of restaurant net lease and is part of a larger strategy of diversification.
The deal includes 12 restaurant properties as well as eight properties operating in other retail sectors. These outparcels are located in Colorado, Connecticut, Florida, Illinois, Indiana, Iowa, Kentucky, Maryland, New Jersey, Ohio, Pennsylvania, Texas and Virginia. The 20 additional outparcels span 17 brands, of which nine will be new to Four Corners' portfolio, including six non-restaurant brands. The restaurant brands include Buffalo Wild Wings, Chick-fil-A, Chili's (two), Chipotle, Olive Garden, Outback Steakhouse, Raising Cane's, Slim Chickens, Starbucks, Texas Roadhouse and Wendy's. The non-restaurant brands include Citibank, Firestone, Jared Jewelry (two), JPMorgan Chase, PNC and Wells Fargo.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
