Key Takeaways
- • Shore Capital Partners sold the real estate portfolio held by Shore Capital Real Estate Partners Fund I to Four Corners Property Trust (NYSE: FCPT) for approximately $268 million, according to a Business Wire announcement.
- • The portfolio comprises 102 veterinary properties leased to Mission Pet Health (MPH), one of the largest U.S. veterinary operators with more than 930 locations, which will continue operating under long-term net leases.
- • The sale marks the realization of Shore's inaugural real estate fund, which was launched in 2021 and is described by the firm as a successful execution of its integrated real estate strategy.
- • Veterinary operations are excluded from the transaction, which closed on July 16, 2026.
- • Shore is launching Fund II with a broader mandate across its Healthcare, Food & Beverage, Business Services, and Industrial portfolio companies, and it may pursue select third-party opportunities.
Summary
Shore Capital Partners, a Chicago-based private equity firm with an office in Nashville, announced the sale of the real estate portfolio held by Shore Capital Real Estate Partners Fund I to Four Corners Property Trust (NYSE: FCPT). The transaction, which closed on July 16, 2026, involves 102 Mission Pet Health veterinary properties for a purchase price of approximately $268 million. Veterinary operations are not part of the deal, and MPH will continue to operate at each location as the long-term tenant under net leases.
Shore characterized the transaction as the successful realization of its inaugural real estate fund and as evidence of its integrated real estate strategy within a broader buy-and-build investment model. The firm said it has deployed flexible real estate capital since launching the platform in 2021, using sale-leaseback transactions, build-to-suit developments, acquisition financing and other real estate solutions to help portfolio companies fund growth while keeping operations in mission-critical locations.
Steve Malley, Shore Partner and Head of Real Estate, said the strategy was designed to address real estate needs of growing businesses while creating long-term opportunities for investors. He described MPH as a strong example, noting that flexible real estate capital supported the company's acquisition strategy and expansion. The firm also said that as independent veterinary practices join MPH, founders may have the option to monetize their real estate with MPH remaining the long-term tenant.
Shore Capital Real Estate Partners Fund I focused on veterinary real estate. Fund II has a broader mandate spanning Shore's Healthcare, Food & Beverage, Business Services and Industrial portfolio companies, while also pursuing select opportunities with non-Shore businesses. Justin Ishbia, Shore Co-Founder and Managing Partner, said the realization of the first real estate fund is an important milestone and that Fund II extends the platform's flexibility for portfolio companies and investors.
Four Corners Property Trust is a Mill Valley, California-based REIT focused on restaurant and retail properties. Shore, which has approximately $17 billion in assets under management, is a lower-middle-market private equity investor.
Shore characterized the transaction as the successful realization of its inaugural real estate fund and as evidence of its integrated real estate strategy within a broader buy-and-build investment model. The firm said it has deployed flexible real estate capital since launching the platform in 2021, using sale-leaseback transactions, build-to-suit developments, acquisition financing and other real estate solutions to help portfolio companies fund growth while keeping operations in mission-critical locations.
Steve Malley, Shore Partner and Head of Real Estate, said the strategy was designed to address real estate needs of growing businesses while creating long-term opportunities for investors. He described MPH as a strong example, noting that flexible real estate capital supported the company's acquisition strategy and expansion. The firm also said that as independent veterinary practices join MPH, founders may have the option to monetize their real estate with MPH remaining the long-term tenant.
Shore Capital Real Estate Partners Fund I focused on veterinary real estate. Fund II has a broader mandate spanning Shore's Healthcare, Food & Beverage, Business Services and Industrial portfolio companies, while also pursuing select opportunities with non-Shore businesses. Justin Ishbia, Shore Co-Founder and Managing Partner, said the realization of the first real estate fund is an important milestone and that Fund II extends the platform's flexibility for portfolio companies and investors.
Four Corners Property Trust is a Mill Valley, California-based REIT focused on restaurant and retail properties. Shore, which has approximately $17 billion in assets under management, is a lower-middle-market private equity investor.
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