Four Corners Property Trust, a real estate investment trust focused on the ownership and acquisition of net-leased restaurant and retail properties, has bought a Red Lobster property and a Smokey Bones property for $6.9 million.

The properties are located in a high-traffic corridor in New York and are corporate-operated under triple net leases with a weighted average of 2.5 years of term remaining. The transaction was priced at a 6.5 percent cap rate, exclusive of transaction costs.