Four Corners Property Trust (NYSE:FCPT) announced the acquisition of four Mission Pet Health properties for $9.3 million, further expanding its portfolio of high-quality, net-leased restaurant and retail assets.
The properties, located in strong retail corridors across Illinois (3) and Wisconsin (1), are all corporate-operated under long-term net leases, with a weighted average lease term of 11 years remaining.
The transaction, priced at a 6.9% capitalization rate based on the rent at closing, is expected to generate stable, long-term cash flows for FCPT.
The acquisition aligns with the company’s strategy to acquire high-quality, net-leased properties in prime retail locations, adding value to its growing portfolio.
The properties’ strategic locations in established retail hubs and the long-term leases with Mission Pet Health, a growing brand in the pet care space, enhance FCPT’s diversified portfolio.
The deal was made exclusive of transaction costs and is poised to strengthen the company’s position in the retail real estate market.