Singapore markets close in 4 hours 36 minutes
  • Straits Times Index

    -20.56 (-0.63%)
  • Nikkei

    +78.23 (+0.28%)
  • Hang Seng

    -151.79 (-0.75%)
  • FTSE 100

    -8.32 (-0.11%)

    +318.76 (+1.39%)
  • CMC Crypto 200

    +7.77 (+1.45%)
  • S&P 500

    -6.75 (-0.16%)
  • Dow

    +76.67 (+0.23%)
  • Nasdaq

    -63.04 (-0.50%)
  • Gold

    -2.70 (-0.15%)
  • Crude Oil

    +0.49 (+0.55%)
  • 10-Yr Bond

    +0.1640 (+6.13%)
  • FTSE Bursa Malaysia

    -6.81 (-0.45%)
  • Jakarta Composite Index

    -23.45 (-0.33%)
  • PSE Index

    -29.04 (-0.45%)

FCPT Announces Disposition of an Olive Garden Restaurant Property for $6.3 million

  • Oops!
    Something went wrong.
    Please try again later.
·2-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

MILL VALLEY, Calif., June 09, 2022--(BUSINESS WIRE)--Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties ("FCPT" or the "Company"), is pleased to announce the disposition of an Olive Garden restaurant property for $6.3 million. The property is located in Florida and is operated by Darden Restaurants. The transaction was priced at a 4.5% cap rate on current rent, exclusive of transaction costs, and will result in a gain to FCPT. 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 ("1031-Exchange"). As a result, net cash proceeds from the sale will be held in an escrow account until one or more properties are purchased through the 1031-Exchange. However, there can be no assurance that an acquisition of a new property or properties will occur. If the Company fails to identify one or more like-kind replacement properties of comparable value within 45 days of the date of sale and/or fails to acquire such property or properties within 180 days of the date of sale, the Company will be required to pay a tax at the highest corporate income tax rate on the gain recognized on the sale of this property.

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at

View source version on


Four Corners Property Trust:
Bill Lenehan, 415-965-8031

Gerry Morgan, 415-965-8032

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting