Four Corners Property Trust and Lubert-Adler Partners LP's real estate funds established a strategic venture to invest up to $150 million in vacant retail real estate that will be principally re-tenanted with credit-worthy brand operators expanding their store count.

Four Corners will invest up to $20 million in the multiyear investment period venture, while the remaining capital will be provided by Lubert-Adler.

The single-tenant net-lease real estate investment trust's exposure to vacant properties will be separately managed from its core operations.

The REIT will have the right to purchase properties from the venture for its long-term ownership portfolio once the properties are stabilized.