Four Corners Property Trust, a real estate investment trust focused on the ownership and acquisition of net-leased restaurant and retail properties, has bought three properties leased to Aspen Dental, Addus Homecare, AT&T, WellNow and Banfield Pet Hospital for $11.5 million.
The properties are located in a retail corridor of Illinois. The tenants are corporate-operated under net leases with a weighted average of five years of term remaining. The transaction was priced at a 6.8 percent cap rate on rent as of the closing date, excluding transaction costs.