REBusinessOnline

Four Corners Property Trust Buys Outback Steakhouse-Occupied Property in New Mexico for $3.9M

NEW MEXICO — Mill Valley, Calif.-based Four Corners Property Trust has purchased a restaurant property located in New Mexico for $3.9 million.

The asset was acquired through a sale-leaseback transaction and will operate under a new triple-net lease with Cerca Trova Restaurant Concepts, the largest domestic franchisee in the Bloomin’ Brands system.

Outback Steakhouse occupies the property under a lease with 20 years of the initial term and rent increases of 10 percent every five years during the initial term.

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