Four Corners Property Trust acquires six NTB branded properties

Four Corners Property Trust (FCPT) has acquired half a dozen National Tire and Battery (NTB) branded properties in Mississippi and Ohio for a sum of $11.6 million.

The real estate investment trust (REIT) said that the acquired assets are corporate-operated under triple net leases with nearly three years of weighted average term left.

The portfolio was valued at a capitalization rate of 7.6%, exclusive of the costs of the transaction.

Based in Mill Valley, California, Four Corners Property Trust is engaged mainly in the acquisition and leasing of restaurant assets.