PEI - Four Corners Property Trust to buy outparcel properties from PREIT for $32.5M

Four Corners Property Trust (NYSE:FCPT) said Thursday it will buy 11 outparcel properties from PREIT (PEI) for $32.5M. The deal is priced at a 6.5% going-in cash cap rate, exclusive of transaction costs. The portfolio includes 8 single tenant restaurant properties and 3 non-restaurant retail properties. FCPT plans to acquire a majority of the portfolio in the Q2 and Q3. The retail outparcels are located in Maryland, Massachusetts, Pennsylvania, and South Carolina. Each property has an individual lease and the leases have a current weighted average remaining term of ~8 years.

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Four Corners Property Trust to buy outparcel properties from PREIT for $32.5M