Four Corners Property Trust Buys Outback Steakhouse-Occupied Property in New Mexico for $3.9 Million

Mill Valley, Calif.— Mill Valley, California-based Four Corners Property Trust has purchased a restaurant property located in New Mexico for $3.9 million.

The asset was acquired through a sale-leaseback transaction and will operate under a new triple-net lease with Cerca Trova Restaurant Concepts, the largest domestic franchisee in the Bloomin’ Brands system. Outback Steakhouse occupies the property under a 20-year lease with rent increases of 10 percent every five years during the initial term. More information on the exact location of the Outback-occupied property was undisclosed.