FCPT Announces Acquisition of a National Veterinary Associates Property for $637,000
The Californer/10240512

MILL VALLEY, Calif. ~ Four Corners Property Trust (FCPT), a real estate investment trust, has acquired a National Veterinary Associates (NVA) property in Alaska for $637,000. The company will also be contributing a tenant allowance of up to $421,000 to NVA for their work on the property. The amount of the allowance will be determined based on final remodeling costs. The property is corporate-operated under a new triple net lease to NVA with 15 years of term and three, five-year options and annual rent increases of 2%. The transaction was priced at a 7.3% entry cap rate, exclusive of transaction costs, of FCPT's total basis in the property. Any funded tenant allowance will increase rent on a proportionate basis. FCPT is pleased to announce the acquisition and looks forward to its successful completion.

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