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FCPT Acquires Florida Carrabba´s Italian Grill Property for USD 2.2m
Friday 14 June 2019

14 June 2019 - California, US-based real estate investment trust Four Corners Property Trust (NYSE: FCPT) has acquired a Florida Carrabba's Italian Grill property for USD 2.2m, the company said.
The transaction was priced at a 7.3% going-in cash cap rate, exclusive of transaction costs.
The property is leased to the corporate operator under a triple-net lease with approximately 3.5 years of term remaining. Carrabba's has 226 domestic locations (as of March 31, 2019), and is a subsidiary of Bloomin' Brands (NASDAQ: BLMN).
FCPT is engaged in the acquisition and leasing of restaurant properties.
The company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and related food services industry.
Date Published: 14/06/2019
Target: Florida Carrabba, ´s Italian Grill property
Country: USA
Deal Size: 2.2m (USD)
Sector: Hotels/Restaurants/Casinos/Catering
Type: LBO
Status: Closed
Buyer: Four Corners Property Trust