Four Corners Property Trust (FCPT) said Friday that it is acquiring 14 outparcel properties (16 leases) from PREIT (PEI) for $29.9 million in deal priced at a 6.5% going-in cash cap rate, exclusive of transaction costs.

The portfolio comprises 10 single tenant restaurant properties, three non-restaurant retail properties, and one restaurant-anchored, multi-tenant property.

The properties will close on a rolling basis from Q4 through the first half of 2020, subject to customary closing conditions, seller’s board approval, and regulatory approvals.

The outparcels span 10 restaurant brands and five non-restaurant brands.