Four Corners Property Trust (FCPT), a REIT engaged in the ownership of high-quality, net-leased restaurant properties, has signed an amendment to the deal originally announced on Oct. 30, 2019, for the purchase of nine additional single tenant outparcel properties from Seritage Growth Properties for $27.3 million.
The transaction is expected to close in various tranches, with the majority closing in 2020 and the remainder in 2021, subject to customary closing conditions and regulatory approvals.
The nine outparcels span four restaurant brands, three bank branches and two retail brands. The portfolio’s restaurant brands are Arby’s, BJ’s Restaurant and Brewhouse, Popeyes, and Portillo’s. The portfolio’s non-restaurant tenants are three bank branches (operated by Bank of America, Chase and Truist Bank), a building leased to Recreational Equipment, Inc. (REI), and an auto services center operated by American Automobile Association (AAA). Four of the brands (AAA,
