5 Red Lobster Properties Sold for $19.4 Million
Four Corners Property Trust, a real estate investment trust engaged in the ownership of high-quality, net-leased restaurant properties, announced the acquisition of five Red Lobster properties in Ohio (2), Michigan, Pennsylvania, and Georgia for $19.4 million. The restaurants are occupied under individual triple-net leases with a weighted average remaining term of 21 years and annual rent escalators of 2 percent. Red Lobster operates over 700 restaurants across the country and is the largest casual dining seafood brand in the U.S.
FCPT, headquartered in Mill Valley, California, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The company will seek to grow its portfolio by acquiring additional real estate to lease, on a triple-net basis, for use in the restaurant and related food services industry.