The newly constructed asset is leased to a corporate-operated tenant under a triple net lease with about 15 years remaining and was priced at a 6.9% cap rate.
Four Corners Property Trust said it acquired a Left Lane Auto property in South Carolina for $3.1 million, adding a newly constructed asset in a heavily trafficked retail corridor to its portfolio. The property is corporate-operated and leased under a long-term triple net lease (tenant pays most property costs) with approximately 15 years remaining. FCPT said the deal was priced at a 6.9% cap rate (property yield based on rent) as of the closing date, excluding transaction costs. The acquisition fits the REIT’s strategy of expanding its net-leased restaurant and retail real estate portfolio.