Four Corners Property Trust has closed on the acquisition of 102 veterinary clinic properties operated by Mission Pet Health, paying $268.0 million against next-twelve-months cash rent of approximately $17.37 million — implying a cap rate of roughly 6.5% — and inclusive of a rent credit received at closing. The deal, first announced in May 2026, adds a major veterinary care platform to FCPT’s historically restaurant- and retail-focused net-lease portfolio.
The acquisition pushes FCPT’s year-to-date transaction volume to 139 properties and $364.3 million in total investment (excluding transaction costs), at a weighted average cap rate of 6.6% — surpassing the company’s previous full-year acquisition record with five months still remaining in 2026.
FCPT is a Mill Valley, California-based REIT that acquires and leases net-lease restaurant and retail properties. The Mission Pet Health deal marks a notable expansion into veterinary real estate, a sector that has attracted significant investor interest given its recession-resistant characteristics and the ongoing growth in pet ownership and pet healthcare spending.
Mission Pet Health, the seller-leaseback counterparty, is one of the largest veterinary care organizations in the U.S., formed through the merger of Southern Veterinary Partners and Mission Veterinary Partners. The company is backed by Shore Capital Partners, a Chicago-based lower-middle-market private equity firm with approximately $17 billion in assets under management that has been one of the most active investors in veterinary platform consolidation over the past decade.
KEY QUOTES:
“We are very pleased to complete this transaction and significantly expand our relationship with Mission Pet Health. Both they and Shore Capital Partners have been excellent partners throughout this process, and we appreciate their collaboration in bringing it to a successful close. With this transaction, we have also achieved record acquisition volume in the first seven months of the year. This demonstrates our team’s capabilities to source and execute accretive opportunities both granularly and at scale.”
Bill Lenehan, CEO, Four Corners Property Trust
