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Four Corners Property Trust buys 10 assets in Seritage portfolio deal

Four Corners Property Trust bought 10 properties for $31.7 million to close the first tranche of its previously agreed deal with Seritage Growth Properties.

The restaurant-focused real estate investment trust said the properties are in Delaware, Illinois, Indiana, Michigan, Rhode Island and Texas.

The single-tenant properties are leased to BJ's Brewhouse, Chick-Fil-A, Krispy Kreme, LongHorn Steakhouse, Outback Steakhouse, Popeye's, Portillo's and Wendy's. The portfolio also has one restaurant-anchored, multitenant property leased to Shake Shack, Orvis and Jared Jewelry.