On October 17, Four Corners Property Trust (FCPT) announced that it purchased a medical outpatient building (MOB) tenanted by Heartland Dental. The purchase price is $3.3 million.
The property is located in a highly trafficked corridor in Oklahoma and is corporate operated under a triple net lease with approximately four years of term remaining. Nothing else regarding the MOB was disclosed.
FCPT, headquartered in Mill Valley, California, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The company aims to expand its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail sectors.
The transaction was priced at a 6.9% cap rate including a near-term rent increase and exclusive of transaction costs.
According to data captured in the LevinPro HC database, this transaction marks the 172nd MOB deal of the year. So far, MOBs account for more than 10% of the 1,663 healthcare transactions that have been reported in 2025. Thre were213 MOB transactions announced in 2024, and 199 announced in 2023. This deal also marks the second MOB to be purchased in Oklahoma since the start of the year.
This also marks FCPT’s third acquisition of 2025. Previously, it purchased six Novant Health Urgent Care properties for $12 million as well as A Patient First Urgent Care property in Pennsylvania.
