Four Corners Property Trust acquires Applebee’s property for $4.3M

Group 1 - Four Corners Property Trust (FCPT) announced the acquisition of an Applebee's property for $4.3 million [1] - The property is located in a strong retail corridor in California and is operated by Flynn Group under a triple net lease with approximately seven years remaining on the term [1] - The transaction was priced at a 6.2% cap rate on base rent and a 7.4% cap rate inclusive of estimated percentage rent as of the closing date, excluding transaction costs [1]