Four Corners Property Trust acquires Taco Bell restaurant property

Four Corners Property Trust (FCPT) has acquired a Taco Bell restaurant property in New Mexico for $396,000 dollars from Brookfield Properties.

The Taco Bell restaurant property is an outparcel to a mall owned by Brookfield Properties. The property is occupied under a triple-net lease with about 5.5 years of term remaining.

The store is operated by Palo Alto, a YUM! Brands franchisee which has 180 Taco Bell and 32 Pizza Hut restaurants.

Four Corners Property Trust said that the transaction is the second closing of a previously announced two-property transaction with Brookfield Properties for $2.4 million dollars.

Based in California, Four Corners Property Trust is a real estate investment trust that is engaged mainly in the ownership of high-quality, net-leased restaurant properties.