Four Corners acquires four KFCs
Sept. 16, 2016
by MEAT+POULTRY Staff
MILL VALLEY, Calif. – Four Corners Property Trust (FCPT), a real estate investment trust, recently acquired four KFC restaurants from Overland Park, Kansas-based KBP Foods for $3.9 million in cash.
“It was a pleasure working with KBP Foods,” Bill Lenehan, CEO of FCPT, said in a news release. “We are very impressed with KBP’s operating acumen and their track record of growth. As one of the top 20 restaurant franchisees in the country with a solid credit profile, we hope to do additional transactions with them going forward.”
KBP Foods committed to renovating the KFC properties in the future. KBP operates 361 restaurants in 14 states.
In another transaction announced the same day, FCPT acquired the real estate of three Buffalo Wild Wings restaurants for $7.9 million in cash. The restaurants are in Galesburg and Macomb, Illinois and Burlington, Iowa. The seller was not disclosed.
The KFC and Buffalo Wild Wings restaurants are occupied under triple-net leases with 20 years and 12 years, respectively, remaining on the leases. Under a triple-net lease, the tenant agrees to pay base rent, property taxes, property insurance and maintenance costs in addition to any other fees.
FCPT primarily engages in the acquisition and leasing of restaurant properties. Earlier this month, the company acquired two Arby’s restaurants in North Carolina for $3.5 million in cash. The company’s portfolio includes 424 restaurants in 44 states. Brands include Bahama Breeze, Olive Garden and Longhorn Steakhouse, according to the company’s website.