04:39 PM EST, 12/19/2024 (MT Newswires) -- Four Corners Property Trust ( FCPT ) said late Thursday that it acquired a property in Illinois from P.F. Chang's for $4.8 million.

P.F. Chang's China Bistro is a casual-dining restaurant chain with more than 200 locations across the US, the company said.

The property is under a corporate triple net lease, with about five years of the term remaining.

The transaction price resulted in a 7.4% cap rate on rent, according to the company.