Four Corners Property Trust has acquired a Novant Health urgent care property for $2.8 million. The transaction expands the real estate investment trust’s portfolio beyond its traditional concentration in restaurant and retail properties.
The property is located along a highly trafficked corridor in South Carolina. Novant Health operates the location under a long-term triple-net lease.
Under a triple-net lease, the tenant is generally responsible for property taxes, insurance and maintenance expenses in addition to rent. This structure can provide landlords with more predictable income and fewer property-level operating obligations.
Four Corners Property Trust said the acquisition was completed at a capitalization rate consistent with its previous transactions. The company did not disclose the specific cap rate or remaining lease term.
A capitalization rate measures a property’s expected annual net operating income relative to its purchase price. Investors commonly use the metric to compare income-producing real estate transactions.
The acquisition adds a healthcare property backed by a corporate-operated tenant. Urgent care centers can complement retail-focused real estate portfolios because they frequently occupy accessible locations near residential communities and heavily traveled roads.
Four Corners Property Trust is headquartered in Mill Valley, California. The company primarily acquires and owns net-leased restaurant and retail properties and seeks to grow by purchasing additional income-producing real estate.
