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Views: 41 DOM: 48 Updated: 10.03.24 Posted: 08.23.24 Status: Active

Summary

Price $6,900,000
Built/Renov 2023
Tenant Portillo's (GL)
Cap Rate 5.00%
Lease Type Abs NNN
Guarantor Corp Traded
Size/SF 7,900
Lease Start 12-21-2023
#Units 84
Price/SF $873.42
Expiration 12-31-2033
Tenant Type Fast Casual/Rest.
NOI $345,000
R. Term 9.2
Ownership Ground Lease
Rent/SF $43.67
Increases 10.0%/5/yrs
Pop 5Mi 107,588
Lot/AC 2.97
Options 4/5yrs/10%
AHHI 5Mi $116,425

Lease Highlights

  • New 2023 construction
  • Portillo’s has 9 years remaining on the current ground lease term with 4 (5-year) options to extend
  • The lease features 10% rental increases throughout the initial term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee lease

Location Description

Portillo's is strategically located on State Highway 50, a major retail thoroughfare with access to 66,000 vehicles passing by daily. The property is part of the new Clermont West retail development, which features Mission BBQ, LongHorn Steakhouse, and Bonefish Grill. Clermont West Phase 2 will include The Goddard School, Extra Space Storage, Extended Stay Hotels, and more. It is just north of...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Portillo's is a fast-casual restaurant chain renowned for its Chicago-style hot dogs, Italian beef sandwiches, burgers, and other American comfort food. The brand has developed a loyal...


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Listing Broker

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