Four Corners Property Trust divests Red Lobster property for $5.1M

Four Corners Property Trust announced the disposition of a Red Lobster property for $5.1M. The property is located in Pennsylvania and is corporate-operated under a triple net lease. The transaction was priced at cap rate in range with previous FCPT dispositions. The company plans to repurpose the proceeds into new investment opportunities consistent with FCPT thresholds. FCPT anticipates redeploying the proceeds from this transaction through an Internal Revenue Code Section 1031 like-kind exchange.