SRS Real Estate Partners announced today the $6.39 million ground lease (land ownership) sale of a Portillo’s property located at 1251 E. Highway 50 in Clermont, FL. Situated on just under three acres, the 7,900-square-foot property was built in 2023 and has approximately eight years remaining on its absolute triple net corporate-guaranteed lease.
SRS Capital Markets Senior Managing Principal Patrick Nutt, Executive Vice President & Principal William Wamble, and Senior Associate Daniel Becker, who are based in Florida represented the seller, a Florida-based developer. The buyer was a Miami-based private investor who was in a 1031 exchange. The transaction sold at 5.4% cap rate.
“This property fronts State Highway 60 and is part of the Clermont West retail development with additional development underway in the surrounding area,” said Nutt. “Situated in Clermont, an Orlando suburb and one of the fastest growing cities in Central Florida, this property stands to enjoy increased sales over the coming years as both the commercial and residential communities continue to expand here.”
Portillo’s is a fast-casual restaurant concept known for its menu of Chicago-style favorites. The average Portillo’s restaurant generates $9.1 million of sales annually and same store sales increased 4.4% based on a recent report.
This year, SRS Capital Markets has completed more than $1.2 billion in deal volume comprised of more than 350 transactions across the nation. SRS currently has in excess of 845 properties actively on the market with a market value surpassing $3.7 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with 29 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.