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FCPT acquires 7 Chili’s restaurant properties for $28.7M; and a BJ’s Restaurant property for $4.2M

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Four Corners Property (FCPT +0.5%) announced the acquisition of seven corporate-operated Chili’s restaurant properties for $28.7M; and BJ’s Restaurant and Brewhouse property for $4.2M.

Chili’s restaurant properties are located in Colorado (2), Louisiana, Mississippi, Oklahoma, and Texas (2), and are occupied under triple-net leases with ~14 years of term remaining and annual rent increases of 1.5%. The transaction was priced at a 6.3% going-in cash capitalization rate.

BJ’s Restaurant and Brewhouse property is located in Arkansas and is occupied under a triple-net lease by BJ’s Restaurants with ~14 years of term. The transaction was priced at a 6.5% going-in cash cap rate, exclusive of transaction costs.

Source: M A News on Seeking Alpha