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Darden Spinoff REIT To Pay $67M For 41 Restaurants

Law360, New York (September 21, 2017, 1:35 PM EDT) -- Real estate investment trust Four Corners Property Trust said Wednesday it has inked an agreement to acquire 41 restaurant properties from Washington Prime Group Inc. for a purchase price of about $67.2 million in cash.

The Mill Valley, California-based REIT — which went public in 2015 after spinning off from Darden Restaurants Inc. — said the deal reflects its focus on owning a diversified portfolio of high-quality, net-leased restaurant properties. The Washington Prime properties include 22 different restaurant brands, 15 of which would be new to Four Corners’ current portfolio, the REIT said.

“This transaction constitutes a unique opportunity for FCPT,...

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