Four Corners Property Trust Announces Disposition of Red Lobster Property

Four Corners Property Trust (FCPT), a real estate investment trust specializing in the ownership and acquisition of net-leased restaurant and retail properties, has successfully sold a Red Lobster property located in Kentucky for $3.8 million. The property, which operates under a triple net lease, was acquired by a corporate entity.

The transaction was priced at a cap rate consistent with previous FCPT dispositions, ensuring a favorable outcome for the company. FCPT plans to utilize the proceeds from the sale to pursue new investment opportunities that align with its established thresholds.

FCPT intends to redeploy the sale proceeds through a 1031 like-kind exchange, as permitted by the Internal Revenue Code Section. This strategy allows the net cash proceeds to be held in an escrow account until suitable replacement properties are identified and acquired. However, there is no guarantee that FCPT will be able to find and purchase like-kind replacement properties within the specified timeframes. Failure to do so would result in the company being subject to taxes on any gains recognized from the sale.

Headquartered in Mill Valley, CA, FCPT focuses on the ownership, acquisition, and leasing of restaurant and retail properties. The company aims to expand its portfolio by acquiring additional real estate assets for net lease purposes within the restaurant and retail industries.

For more information about FCPT, please visit their website at www.fcpt.com.

Source: [Business Wire](https://www.businesswire.com/news/home/20231002014684/en/)