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JLL is pleased to offer the fee-simple ground-lease interest in a single-tenant Portillo’s in Chicago, IL (the “Property”), featuring a brand new 20-year ground lease with 10% increases every 5 years, and four, five-year renewal options. The Property represents the iconic Portillo’s (the “Tenant”) restaurant brand’s first and only location on the north side of Chicago, benefitting from incredible underlying infill real estate located on a hard-corner, 2.07-acre parcel, immediately next to Chicago’s primary interstate (310,000 VPD). After opening for business in 1963, Portillo’s has since grown to 70 locations across the country, with recently announced plans for an IPO towards the end of 2021, circling a $3B valuation. The Property is located just five miles northwest of Chicago’s CBD, with outstanding surrounding density and a robust customer base that keeps the interior restaurant and double-drive thru lane busy throughout the day.
This offering represents an opportunity to own a single-tenant Portillo’s with incredible real estate fundamentals, providing secure and passive long-term income from a ground lease with 19.5 years of remaining primary term and attractive 10% increases every five years. The Tenant is one of the leading restaurant concepts in the country, with intentions to capitalize on their growth trajectory with an IPO in 2021.
- 19.5 YEARS REMAINING ON AN ABSOLUTE NNN GROUND LEASE WITH 10% RENT INCREASES EVERY 5 YEARS
- RARE OPPORTUNITY TO ACQUIRE ONE OF THE MOST HIGHLY SOUGHT-AFTER RESTAURANT CONCEPTS IN THE COUNTRY
- PORTILLO’S IS SET FOR AN IPO TOWARDS THE END OF 2021 WITH A $3 BILLION VALUATION AFTER YEARS OF CONSISTENT GROWTH
- OUTSTANDING DOUBLE-DRIVE THRU LANE MODEL PROVIDES FOR HIGH SALES AND CUSTOMER FLOW-THROUGH
- THE PROPERTY IS THE FIRST PORTILLO’S ON THE NORTH SIDE OF CHICAGO – FILLING A LONG-TIME VOID IN THE HOME MARKET