Four Corners Property Trust has acquired seven corporate-operated Chili’s restaurant properties for $28.7 million.
The properties are located in Colorado (2), Louisiana, Mississippi, Oklahoma and Texas (2), and are occupied under triple-net leases with approximately 14 years of term remaining and annual rent increases of 1.5 percent.
The leases are guaranteed by Brinker International, Inc. (NYSE: EAT), which owns, operates and franchises Chili’s restaurants. The transaction was priced at a 6.3 percent going-in cash capitalization rate.
