US-based real estate investment trust Four Corners Property Trust (FCPT) is set to purchase a corporate operated Buffalo Wild Wings restaurant, an American casual dining restaurant and sports bar franchise, for $1.7m from Pennsylvania Real Estate Investment Trust (PREIT).
Located in South Carolina, the location is occupied under a new 13.2-year triple-net lease with a rent hike of 2.0% every year. The transaction is valued at a 6.6% going-in cash cap rate.
In addition, FCPT completed the acquisition of five restaurant properties today from Washington Prime Group.
The restaurant properties represent five different restaurant brands, namely Cheddar’s Scratch Kitchen, McDonald’s, Olive Garden, Panera Bread and Starbucks.
The transaction is valued at approximately $9.5m and represents investment thresholds and past transactions. The leases for the properties have an average remaining term of approximately 8.6 years.
Of the five leases, four are with corporate operators and one is with Panera franchisees.
They are located in Florida, Indiana, Illinois, Ohio, and Texas, which consist entirely of outparcels to WPG properties.
Headquartered in California, FCPT acquires and leases properties for use in the restaurant and foodservice industry.
Last month, the investment firm entered into a sale-leaseback agreement to acquire Popeyes property in US and acquired a restaurant property of Orlando-based seafood restaurant company, Red Lobster, in Pennsylvania in May this year.