Portillo-led venture acquires 48 retail properties in $139 million deal
Now that Dick Portillo no longer runs Portillo's Hot Dogs, he has more time to build his investment company and is doing just that.
Portillo, who leads Chicago-based BlueRoad Ventures, an asset management and investment firm, acquired a $139 million retail real estate portfolio consisting of 48 properties in 18 states.
The properties are located in high-traffic areas and occupied by stores including CVS, Fresenius, Tractor Supply Co. and Advance Auto Parts, according to the company.
The acquisition expands BlueRoad's retail portfolio to more than 1 million square feet, the company said in a statement.
BlueRoad Ventures managing partner Tim Farrell called it "an exciting milestone transaction for BlueRoad."
BlueRoad acquired the portfolio from Brauvin Net Lease, a privately held real estate investment trust managed by Chicago-based Brauvin Real Estate. Law firm Much Shelist represented BlueRoad in the transaction.
Portillo, who grew his former business from a Villa Park hot dog stand in the 1960s to a Chicago food icon with 41 restaurants in Illinois, Indiana, California and Arizona, sold the company to Boston-based Berkshire Partners in 2014. He then handed over the CEO job to Keith Kinsey about 8 months ago.
But since the sale, Portillo, who also has an office in Oakbrook Terrace, continues to manage his own real estate investments. This includes the land under the Portillo's, Barnelli's, Honey-Jam Cafe and Luigi's restaurants, which he then leases back to the different new owners of those brand names.
In addition, he has invested in the RMP Restaurant in Washington, D.C.; several apartment buildings nationwide; and shopping centers in Bolingbrook, Oswego and Elgin and two in Indianapolis.
• Daily Herald wire services contributed to this report.