Four Corners Property Trust (FCPT) announced that it was expanding its presence in both Iowa and Missouri, buying a MercyOne outpatient clinic property, as well as a Mercy Health property.
The MercyOne outpatient clinic property is in Iowa. It is corporate-operated under a long term, triple net lease with approximately six years of term remaining. It was sold for $3 million. The transaction was priced at a 7.2% cap rate on rent as of the closing date and exclusive of transaction costs.
The Mercy Health property is in a strong retail corridor in Missouri and corporate-operated under a triple net lease with approximately five years of term remaining. The transaction was priced at a 7.1% cap rate on rent as of the closing date and exclusive of transaction costs. The property was sold for $3.8 million.
FCPT, headquartered in Mill Valley, California, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of healthcare properties as well as restaurant and retail properties. The company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis.
According to data captured in the LevinPro HC database, there have been 82 medical outpatient building (MOB) acquisitions announced in 2024. In 2023, there were 194 MOB transactions. Additionally, FCPT has completed five acquisitions in 2024. Throughout 2023, the company completed 15 transactions.
