•	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

Offering Memorandum

•	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

Clermont, FL - Portillo's

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Jarrett Slear joined SRS Real Estate Partners in 2023 as Patrick Nutt’s lead analyst on the Florida Capital Markets team. During this time, he played a pivotal role in underwriting single-tenant properties, single-tenant portfolios, and several multi-tenant assets for both institutional and developer clients. As an analyst, Jarrett underwrote more than 500 assets, exceeding $1 billion in total property value. Since transition into brokerage, he’s successfully closed more than 60 transactions, exceeding $115 million in sales volume. Jarrett specializes in seller and buyer representation, with an extensive track record in the disposition of single-tenant retail assets, including QSR, banks, and vacant or distressed properties that present a value-add component through repositioning or redevelopment. Jarrett began his commercial real estate career in the summer of 2021 as an acquisitions and dispositions intern for a publicly traded REIT in Greater Philadelphia. This was followed by a full-time analyst role with the NNN Pro Group’s institutional coverage team in Manhattan, NY, prior to joining SRS.Jarrett graduated from Plymouth State University, where he was a member of the men’s NCAA ice hockey program. He holds a B.S in business administration with a minor in professional sales.

Jarrett Slear

Capital Markets

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Clermont, FL - Portillo's

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Patrick Nutt

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