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Portillo's Hot Dogs Closes Sale-Leaseback
- Client News
- November 24, 2014
Practices
On November 24, Paul, Weiss client Berkshire Partners and its portfolio company Portillo's Hot Dogs closed a sale-leaseback of all of Portillo's owned properties in the Chicago metropolitan area and in Arizona. Portillo's sold 18 restaurant sites and two commissary locations to an affiliate of the company's founder, Richard Portillo, for a purchase price of $100 million, and leased back the sites pursuant to a single triple-net master lease for a term of 20 years with six 5-year extensions.
The Paul, Weiss team included tax partner Scott Sontag, real estate partner Peter Fisch and environmental counsel Bill O'Brien.