MILL VALLEY, Calif.--(BUSINESS WIRE)--Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Covenant Health Emergency Room for $8.7 million. Covenant Health is part of the larger Providence Health & Services health care system. The property is located in a strong retail corridor in Texas and is corporate-operated under a net lease with approximately seven years of term remaining. The transaction was priced at a 7.0% cap rate on rent as of the closing date, exclusive of transaction costs.
About FCPT
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries.
