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MILL VALLEY, CA—Four Corners Property Trust has closed on the first tranche of its $67.9 million deal with Seritage Growth Properties, which it announced earlier this year.
All together, the restaurant net lease REIT is buying 23 outparcel properties that have 26 leases from Seritage Growth Properties.
In this first tranche it has acquired 10 properties for $31.7 million. The properties are located in Delaware, Illinois (2), Indiana (3), Michigan, Rhode Island, and Texas (2).
The tranche includes several new brands to FCPT's portfolio, with the single-tenant properties leased to BJ's Brewhouse, Chick-Fil-A (2), Krispy Kreme (new), LongHorn Steakhouse, Outback Steakhouse, Popeye's, Portillo's (new) and Wendy's.
In addition, the portfolio has one restaurant-anchored multi-tenant property leased to Shake Shack (new), Orvis (new) and Jared Jewelry.
Each tenant is subject to an individual lease with 9 of the 12 leases corporate-operated or guaranteed and an average term of approximately 8 years.
This was the third outparcel portfolio deal FCPT has announced in recent months, CEO Bill Lenehan said when the deal was first revealed. The three portfolios total $153 million across 67 properties.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
