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FCPT Snags Mission Pet Health Portfolio Across 31 States
Four Corners Property Trust has agreed to acquire up to 102 Mission Pet Health (MPH) veterinary properties for a purchase price of up to $268.0 million from Shore Capital Real Estate Partners Fund I. The deal is expected to close in early third-quarter 2026.
A portfolio company of Shore Capital Partners, MPH provides veterinary services nationwide through more than 930 locations. The portfolio FCPT has agreed to acquire spans 31 states and is largely under two triple-net master leases.
Bill Lenehan, CEO of FCPT, said, “We have long been active in the veterinary sector, and this transaction represents a unique opportunity for us to acquire a portfolio at scale with an existing tenant to further our growth and diversification objectives. We are particularly pleased with the long-term master leases, the strong rental escalations, and the well-supported greater than 6x rent coverage.
- ◦Sale/Acquisition
