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Six Red Lobster Restaurants Trade for $26M
Mill Valley, CA-based Four Corners Property Trust (FCPT) acquired six Red Lobster restaurant properties in Delaware, Indiana, Kentucky, Minnesota, Mississippi and North Dakota for $25.9 million. The six newly-acquired properties are under a single, triple-net master lease which includes two other Red Lobster properties previously acquired by the REIT in November 2017.
Four Corners Property Trust’s Bill Lenehan says, “This transaction marks over $510 million in closed deals since our investment platform launched in July 2016. To date, FCPT has closed $449 million of acquisitions across 197 properties, and sold seven Darden-leased properties for $63 million.”
The eight-unit master lease has roughly 21 years of term remaining and annual rent escalations of 2%.
Red Lobster operates over 700 restaurants across the country, and is the largest casual dining seafood brand in the U.S.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


