Four Corners Property Trust buys Popeyes restaurant property in South Carolina

Real estate investment trust Four Corners Property Trust has acquired a Popeyes restaurant property for $1.6 million.

The deal is part of the transaction announced in October 2019 with Seritage Growth Properties and expanded in August 2020.

The Popeyes franchisee lease is located in South Carolina, within a highly trafficked and populated corridor, said Four Corners Property Trust.

According to the real estate investment trust, the restaurant property has a remaining term of nearly fourteen years. The deal was priced at a cap rate in range with previous transactions of Four Corners Property Trust.

Including the latest acquisition, Four Corners Property Trust has acquired a total of 19 properties from Seritage Growth Properties for $59 million.

Based in Mill Valley, California, Four Corners Property Trust is engaged mainly in acquiring and leasing restaurant properties.