Four Corners Property Trust (FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties, has closed on the purchase of 13 corporate-operated Darden restaurant properties (12 Cheddar’s Scratch Kitchen properties and 1 Olive Garden property) for a purchase price of $79.5 million on initial full-year cash rent of approximately $5.0 million. The deal was part of a previously announced transaction in May 2023.
The company may acquire one additional Cheddar’s Scratch Kitchen property in the near term pending further due diligence. If the company acquires the additional property, the total transaction size will be 14 properties for $85.0 million.
Including this most recent acquisition, FCPT has thus far this year completed the acquisition of 71 properties for a total investment of $269.1 million (excluding transaction costs) at a weighted average cap rate of 6.7%. Annualized in-place rents for FCPT’s portfolio as of today are approximately $212.6 million.
“At roughly the half-way point of 2023, we are pleased to have closed an acquisition volume similar to our historic full year volumes,” said Patrick Wernig, managing director of acquisitions at FCPT. Our financial leverage remains within our target range, and we continue to find a buyer friendly market for new acquisitions.”
