TUCSON, Ariz., April 25, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Portillo's, a 8,000-square-foot net-leased property located in Tucson, Arizona. The asset sold for $5,650,000 ($708 PSF)
Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The deal includes a brand new 12-year absolute triple net ground lease and 10 percent rental increases throughout the lease term and renewal options.
Built in 2022, Portillo's is located at 3761 East Broadway Boulevard in Tucson, Arizona. The asset is a national restaurant chain with a publicity-traded tenant that also owns 70 plus locations across nine states. This Portillo’s is situated within El Con Center, a 1.2 million square-foot open air shopping mall and 96,004 residents reside within a five-mile radius. There is a strong daytime population of 424,301 employees in the surrounding trade area which includes a home to Century Theatres, Target, The Home Depot, Walmart and many more.
To learn more, see RED Comp #10607.