Four Corners Property Trust announced the acquisition of 14 Sun Auto Tire & Service properties for $26.0 million. The properties are located in strong retail corridors in Missouri (8), Arkansas (4), and Illinois (2) and are corporate operated under long-term, triple net leases. The transaction was priced at a cap rate in range with previous Four Corners Property Trust transactions.
Four Corners Property Trust, Inc. is a real estate investment trust (REIT), which owns, acquires and leases properties for use in the restaurant and retail industries. The Company's segments are real estate operations and restaurant operations. Its real estate operations segment consists of rental revenues primarily generated by leasing restaurant properties to tenants through net lease arrangements under which the tenant is primarily responsible for ongoing costs relating to the properties. Its restaurant operations segment is conducted through a taxable REIT subsidiary and consists of its Kerrow Restaurant Operating Business. The Kerrow Restaurant Operating Business consists of seven LongHorn Steakhouse restaurants located in the San Antonio, Texas area. Its properties are located in Florida, Texas, Georgia, Ohio, Illinois, Indiana, Michigan, Pennsylvania, Wisconsin, Alabama, Minnesota, Arkansas, Louisiana, New York, Arizona, Nevada, Mississippi, and Colorado, among others.
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