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FCPT Acquires Buffalo Wild Wings Portfolio in Illinois
Four Corners Property Trust (FCPT) a REIT primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties, has acquired four Buffalo Wild Wings properties in Illinois for $14.3 million. The Mill Valley, CA-based REIT didn’t disclose specifics about the properties’ locations or the seller(s).
The properties are located in strong retail corridors in Illinois and are under individual long-term, triple net leases each with approximately nine years of term remaining. The transaction was priced at a 7.3% cap rate on rent as of the closing date and exclusive of transaction costs.
Separately, FCPT said it acquired three properties leased to Aspen Dental, Addus Homecare, AT&T, WellNow and Banfield Pet Hospital for $11.5 million. All three properties are located in a strong retail corridor in Illinois. Both acquisitions were announced in late December.
- ◦Sale/Acquisition
