Clermont, FL - Portillo's

Description:

• The tenant is operating under a 10 year ground lease with 4 (5-year) options to extend
• The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, generating NOI and hedging against inflation
• Portillo’s (NASDAQ: PTLO) is a fast-casual restaurant concept known for its menu of Chicago-style favorites. Founded in 1963 by Dick Portillo, the company has grown to include more than 88 restaurants across 10 states
• Portillo’s average restaurant generates $9.1M of sales and same-store sales increased 4.4% per the company’s latest earnings report

• The asset is fronting State Highway 50 (66,000 VPD), a main retail thoroughfare serving the city of Clermont
• Part of the new Clermont West retail development that features Mission BBQ, LongHorn Steakhouse, and Bonefish
• Clermont West Phase 2 will feature The Goddard School, Extra Space Storage, Extended Stay Hotels, and more
• Just North of Clermont Landing, a 227,000+ SF community shopping center that ranks in the top 88% (832 out of 7,255) of all nationwide community shopping centers according to Placer.ai
• The Home Depot and Lowe’s just to the East rank in the top 80% (384 out of 1,974) and 89% (179 out of 1,727) of all nationwide locations according to Placer.ai
• Ideally located near US Hwy 27 (41,500 VPD) and FL Tpke (75,900 VPD), allowing direct on/off ramp access to the site and surrounding trade areas