Four Corners Property Trust announced the acquisition of a Tires Plus property in Minnesota for approximately $1.7 million, further expanding the company’s portfolio of net-leased retail assets.
The property is located in a strong retail corridor and is operated corporately by Tires Plus under a triple-net lease. Approximately five years remain on the current lease term, providing Four Corners Property Trust with stable cash flow from an established automotive service brand.
According to Four Corners Property Trust, the acquisition was completed at a 6.9% capitalization rate, based on rent as of the closing date and excluding transaction costs.
The company said the transaction is consistent with its strategy of selectively acquiring high-quality restaurant and retail properties leased to nationally recognized operators. FCPT has continued to pursue targeted investments that complement its existing portfolio while generating long-term value for shareholders.
Tires Plus is a well-known automotive service chain that offers tire sales, maintenance, and repair. The location’s position within a strong retail corridor is expected to support continued customer traffic and operational performance.
Headquartered in Mill Valley, California, Four Corners Property Trust is a real estate investment trust focused on the ownership, acquisition, and leasing of restaurant and retail properties. The company seeks to expand its portfolio by acquiring additional net-leased assets occupied by tenants in the restaurant and retail sectors. Through a disciplined acquisition strategy, FCPT aims to build a diversified portfolio that delivers stable and growing cash flows over the long term.
