Four Corners Property Trust signed a deal to buy 24 outparcel properties from Brookfield Properties for about $46.4 million.
The portfolio comprises 14 restaurant properties and 10 other retail assets, of which 21 are operated by or leased to the brand's corporate entity. The leases have a weighted average remaining term of about seven years.
The restaurant brands include BJ's Restaurants Inc., Black Angus Steakhouses LLC, Bonefish Grill Inc., Chili's Inc., International House of Pancakes LLC, LongHorn Steakhouse, Olive Garden, Outback Steakhouse, Red Lobster Hospitality LLC, Red Robin Gourmet Burgers Inc. and The Wendy's Co. The non-restaurant brands consist of banks, car wash or tire center properties, a hotel and a business services or shipping store.
The retail outparcels are spread across Colorado, Idaho, Iowa, Michigan, Minnesota, Missouri, North Carolina, Oklahoma and Washington.
