Four Corners Property Trust (FCPT) has signed a definitive agreement for the purchase of 24 outparcel properties from Brookfield Properties for $46.4 million.
The portfolio includes 14 restaurant properties as well as 10 properties operating in other retail sectors.
The 24 outparcels span 11 restaurant brands, including three that are new to FCPT’s portfolio. The restaurant brands are BJ’s Restaurant, Black Angus (new brand), Bonefish Grill (new brand), Chili’s, IHOP, LongHorn Steakhouse (2), Olive Garden (2), Outback Steakhouse, Red Lobster, Red Robin (2, new brand) and Wendy’s. The portfolio also includes 10 non-restaurant brands, comprised of five banks, two car wash/tire center properties, a hotel, and a business services/shipping store. Seven of the non-restaurant operators are investment grade rated and nine are with nationally known brands. The non-restaurant properties share similar qualities as FCPT’s restaurant assets: nearly identical locations, comparable building sizes and acreage, predictable growing rental streams, similar net-lease structures, and strong tenancy with creditworthy operators. Of the 24 properties, 21 are operated by or leased to the brand’s corporate entity. Further, each property has a separate individual lease and the leases have a current weighted average remaining term of approximately seven years.
The retail outparcels are located within highly trafficked corridors in Colorado, Idaho, Iowa, Michigan, Minnesota, Missouri, North Carolina, Oklahoma and Washington.
