Four Corners Property Trust acquires two properties for $6.9M

Four Corners Property Trust "announces the acquisition of a Red Lobster property and a Smokey Bones property for $6.9 million. The properties are located in a highly trafficked corridor in New York and are corporate-operated under triple net leases with a weighted average of 2.5 years of term remaining. The transaction was priced at a 6.5% cap rate, exclusive of transaction costs."