Real Estate Investment Trust Acquires 4 KFCs for $3.9 Million
Four Corners Property Trust, a real estate investment trust engaged in the ownership of high-quality net leased restaurant properties, announced the acquisition of the real estate of four KFC restaurants in the Detroit for $3.9 million. FCPT funded the acquisition with cash on hand. The restaurants are 100 percent occupied under new triple-net leases with terms of 20 years, and the transaction closed at a going-in cash cap rate consistent with previously announced transactions. KBP Foods, a 360-unit franchisee, has committed to renovate the properties in the next few years.