FCPT Announces Acquisition of a Panera Bread Property for USD2.3m
Four Corners Property Trust (FCPT), a real estate investment trust engaged in the ownership of high-quality, net-leased restaurant properties, announces the acquisition of a Panera Bread property for USD2.3m.
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The property is located in Illinois and is leased to the corporate operator under a double-net lease with approximately 3 years of term remaining. The transaction was priced at a 7.4% going-in cash cap rate, exclusive of transaction costs.
The two companies did not mention the exact property location.