Trust buys Heartland Dental property for $2.2M

Real estate investment trust Four Corners Property Trust (FCPT) has paid $2.2 million to acquire a property from dental service organization Heartland Dental.

The property is located in South Carolina and is corporate operated under a long-term net lease, with a roughly seven-year term remaining. The transaction was priced at a 7% cap rate on rent as of the closing date, exclusive of transaction costs, according to the trust.

FCPT, which is based in Mill Valley, CA, primarily owns, acquires, and leases restaurant and retail properties.