Sept. 3, 2024

— Jeff Ward, Lehigh Valley News Briefs

Four Corners Property Trust has acquired the Patient First Urgent Care building on Schoenersville Road in Hanover Township (Northampton County) for $6.6 million.

The Mill Valley, California-based real estate investment trust (REIT) said in a statement that the property is “in a strong retail corridor in Pennsylvania and is corporate-operated under a long-term triple net lease.”

Under a triple-net lease, tenants pay all costs of a property, including maintenance, taxes and insurance.

Four Corners (NYSE:FCPT) did not identify the property, but Northampton County property records show that 2310 Schoenersville Road was sold for $6.57 million in April to FCPT Holdings. The medical office building is on two acres on the east side of Schoenersville Road, near the Westgate Mall and affluent neighborhoods in Hanover Township and the City of Bethlehem.

Four Corners focuses on retail and restaurant properties, according to its website.

The closing price of Four Corners on Tuesday was $25.63, giving the trust a market capitalization of $2.7 billion.

Here’s a cut-and-paste version of Four Corner’ statement:

FCPT Announces Acquisition of a Patient First Urgent Care Property for $6.6 Million

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MILL VALLEY, Calif.–(BUSINESS WIRE)–Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Patient First Urgent Care property for $6.6 million. The property is located in a strong retail corridor in Pennsylvania and is corporate-operated under a long-term triple net lease. The transaction was priced at a cap rate in range with previous FCPT transactions.

About FCPT

FCPT, headquartered in Mill Valley, CA, 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. Additional information about FCPT can be found on the website at www.fcpt.com.