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Four Corners Property Trust Acquires Ohio LongHorn Steakhouse Property for $2.4 Million

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FCPT$21.25 1.05%

Four Corners Property Trust (NYSE:FCPT) has expanded its real estate portfolio with the purchase of a LongHorn Steakhouse property in Ohio for $2.4 million. The acquired property is located in a busy traffic corridor and is operated by the brand's corporate parent under a triple net lease.

This acquisition aligns with the company's core strategy of owning and acquiring high-quality restaurant and retail spaces that are leased on a net basis. The transaction was executed at a capitalization rate consistent with the real estate investment trust's previous deals. On the day of the announcement, shares of the company fell slightly, closing down 1.27% at $21.03.

Investors will likely watch how Four Corners Property Trust continues to deploy capital into similar single-tenant retail and restaurant properties. The company, headquartered in Mill Valley, California, intends to continue growing its portfolio through similar lease agreements in the restaurant and retail sectors.

Key points

  • Four Corners Property Trust purchased a LongHorn Steakhouse property in Ohio for $2.4 million.
  • The property is corporate-operated and structured under a triple net lease.
  • The transaction was priced at a cap rate in line with the company's past acquisitions.
  • Shares of Four Corners Property Trust fell 1.27% to close at $21.03 on the day of the announcement.

Written by our AI from expert market sources across the web. It can contain mistakes: check the facts before acting on them. Write-ups powered by the free AI API at FreeTheAI.org

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Questions and answers

How much did Four Corners Property Trust pay for the Ohio property?

Four Corners Property Trust acquired the LongHorn Steakhouse property for $2.4 million.

What type of lease is the newly acquired restaurant property under?

The property is corporate-operated under a triple net lease.

Where is the new LongHorn Steakhouse property located?

The property is located in a highly trafficked corridor in Ohio.