FCPT Expands Portfolio With Automotive Service Property Acquisition

Carrying over the prior year's property acquisition momentum, Four Corners Property Trust (FCPT) announced the purchase of an automotive service property for $4.8 million leased to a national operator. This reflects the company’s diversification efforts to do away with portfolio concentration and industry-specific risks.The property is located in the highly trafficked corridor in Texas and is corporate-operated under long-term, triple-net leases. The transaction was priced at a cap rate in line with prior F ...