- Four Corners Property Trust (FCPT, Financial) completes acquisition of a Chuy's property in Texas for $2.9 million.
- The acquired site operates under a triple net lease with a 6.7% cap rate, providing immediate yield.
- Chuy's location is part of a chain recently acquired by Darden Restaurants, enhancing corporate backing.
Four Corners Property Trust (FCPT), a leading real estate investment trust specializing in net-leased restaurant and retail properties, has announced the acquisition of a Chuy's restaurant property in Texas for $2.9 million.
The property is situated within a robust retail corridor, operating under a corporate triple net lease with approximately five years remaining on the lease term. FCPT completed the transaction at a 6.7% cap rate on rent as of the closing date, exclusive of transaction costs. The strategic acquisition minimizes operating expenses due to the triple net lease structure and secures immediate income for FCPT.
Chuy’s, known for its Tex-Mex cuisine, is a casual dining chain with over 100 U.S. locations. The chain was recently acquired by Darden Restaurants, a development that enhances the corporate backing and potentially reduces tenant concentration risk for FCPT.
Headquartered in Mill Valley, California, FCPT continues to expand its portfolio by acquiring high-quality, net-leased properties within the restaurant and retail sectors. The company's focus remains on generating stable income through strategic property investments.
