Four Corners Property Trust (FCPT) announced the acquisition of a WellNow Urgent Care property in Indiana for $2.5 million.
The newly constructed property is located in a strong retail corridor and corporate-operated under a long-term, net lease. The transaction was priced at a cap rate in range with previous FCPT transactions. Since 2021, FCPT’s transactions have ranged from $1.8 million to $3.4 million.
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 seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries.
This marks FCPT’s fifth deal of 2023, as well as its second acquisition of a WellNow Urgent Care property this year. FCPT announced on March 14, 2023 its acquisition of a WellNow Urgent Care property in New York state for $2.1 million.
According to data captured in the LevinPro HC database, this represents the 55th medical office building (MOB) transaction of 2023. This is on par with last year, when there were 55 MOB deals announced in the first quarter.
