Four Corners Property Trust buys Texas emergency room property in $8.7m deal

Four Corners Property Trust (NYSE:FCPT), a real estate investment trust (REIT) predominantly involved in owning and procuring high-quality, net-leased restaurant and retail properties, has recently acquired a Covenant Health Emergency Room for $8.7 million.

Covenant Health is a part of the larger Providence Health & Services health care system. The property, under corporate operation with a net lease and roughly seven years of term remaining, is situated in a robust retail corridor in Texas. The deal was valued at a 7% cap rate on rent as of the closing date, excluding transaction costs.

Four Corners Property Trust with its headquarters based in Mill Valley, California primarily focuses on the ownership, acquisition, and leasing of properties for restaurant and retail use. The real estate investment trust plans to expand its portfolio by purchasing additional real estate for leasing in the restaurant and retail sectors.