MILL VALLEY, Calif. — Four Corners Property Trust, a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties, announced in a press release the acquisition of nine carwash properties for $40 million from a top five operator via a sale-leaseback.
The properties are located in strong retail corridors in Florida, Indiana, Louisiana, Ohio, Oklahoma and South Carolina, according to the release.
The sites are corporate-operated under a long-term, triple net master lease.
The transaction was priced at a cap rate in range with previous FCPT transactions.
The tenant has requested confidentiality around disclosure of the brand name.
Bill Lenehan, CEO of FCPT, stated: “We are excited to undertake this transaction with a proven industry leader. This is FCPT’s first major acquisition in the carwash space, and it granted FCPT the opportunity to acquire very high-quality triple net leased real estate at an affordable basis and rent level for the carwash industry overall. As with all of our acquisitions, this portfolio reflects FCPT’s commitment to sourcing opportunities that match our high-quality underwriting thresholds.”
Additional information about FCPT can be found at www.fcpt.com.
