The REIT said the Minnesota property is operated by Dhanani Group under a triple net lease with about six years remaining and was acquired at a 7.4% cap rate.
Four Corners Property Trust said it acquired a Burger King property in Minnesota for $1.6 million, adding another single-tenant asset to its restaurant-focused net-lease portfolio. The property sits in a strong retail corridor and is franchisee-operated by Dhanani Group under a triple net lease with approximately six years of term remaining. FCPT said the transaction was priced at a 7.4% cap rate on rent as of the closing date, excluding transaction costs. Dhanani Group is one of the largest restaurant franchise operators in the United States, operating more than 500 Burger King restaurants and over 800 locations across multiple restaurant brands.