Four Corners Property Trust (FCPT) said late Monday it has purchased a Chuy's restaurant property in Texas for $2.9 million.
The property, leased under a corporate triple net agreement with about five years remaining, was acquired at a 6.7% cap rate on rent at closing, excluding transaction costs, the company said.
Chuy's, a casual dining restaurant chain known for Tex-Mex cuisine with over 100 locations nationwide, was recently acquired by Darden Restaurants (DRI), Four Corners said.
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