Reported Earlier, Four Corners Property Trust Acquires Patient First Urgent Care Property For $6.6M
Portfolio Pulse from Benzinga Newsdesk
Four Corners Property Trust (FCPT) has acquired a Patient First Urgent Care property in Pennsylvania for $6.6 million. The property, situated in a busy corridor, is under a triple net lease with about ten years left on its term. The deal was completed at a 7.1% cap rate on rent, excluding transaction costs.
April 30, 2024 | 8:42 am
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FCPT's acquisition of a Patient First Urgent Care property for $6.6 million reflects strategic investment in high-traffic areas, potentially enhancing its portfolio's value.
The acquisition of a healthcare property in a high-traffic area, under a long-term triple net lease, is a positive move for FCPT. It indicates a strategic investment that could enhance the company's real estate portfolio and generate stable income over the remaining lease term. The 7.1% cap rate suggests a favorable return on investment, excluding transaction costs. This acquisition is likely to be viewed positively by investors, potentially leading to a short-term uptick in FCPT's stock price.
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