Restaurant
Fogo de Chao
1204 W 22nd St, Oak Brook, IL 60523
Listing Price: $10,455,000
Investment Overview
Marcus & Millichap is pleased to present a brand new construction ground lease with over 20 years of firm term remaining with Fogo de Chao. The property sits at the marquee corner of 22nd Street and Spring Road, a lighted intersection with over 39,000+ vehicles per day in Oak Brook, a high-income suburb west of Chicago. The asset is the anchor tenant at the new Oakbrook Commons Mixed-Use Development spanning 17+ acres.
Fogo de Chao opened in November 2021 paying 50% of year 3 rent with a percentage rent threshold starting at $4,791,667 in revenue. Sales for the first 12 months amounted to $10,040,944, which resulted in the tenant surpassing their stabilized rent and they continue to perform beyond expectations. The percentage rent thresholds step every five years starting in 2026, providing upside for a new purchaser in addition to the fixed rental increases.
This property presents an outstanding opportunity for a passive owner to acquire an irreplaceable high visibility corner sitting in the center of one of the Midwest’s premier shopping districts. The tenant’s strong growth trajectory paired with the long term lease and percentage rent upside will be a terrific addition to a buyer’s portfolio.
Investment Highlights
- Rare 22-Year Ground Lease With Over 20 Years of Firm Term Remaining
- Modest Percentage Rent Thresholds Resulting in Potential Income Upside
- Strong Opening Performance at Property — T-12 Sales Amounting to Over $860/SF
- High Visibility Corner Directly off of I-88 Tollway With Over 138,000 VPD
- Directly Across From Oakbrook Center — 25M+ Visitors Spending Over $1B Annually
- Fogo Chain to Be Acquired by Bain Capital Private Equity to Accelerate Expansion — Valued at $1.1 Billion by Reuters
Exclusively Listed By
Listing Price: $10,455,000
Investment Highlights
- Rare 22-Year Ground Lease With Over 20 Years of Firm Term Remaining
- Modest Percentage Rent Thresholds Resulting in Potential Income Upside
- Strong Opening Performance at Property — T-12 Sales Amounting to Over $860/SF
- High Visibility Corner Directly off of I-88 Tollway With Over 138,000 VPD
- Directly Across From Oakbrook Center — 25M+ Visitors Spending Over $1B Annually
- Fogo Chain to Be Acquired by Bain Capital Private Equity to Accelerate Expansion — Valued at $1.1 Billion by Reuters
Investment Overview
Marcus & Millichap is pleased to present a brand new construction ground lease with over 20 years of firm term remaining with Fogo de Chao. The property sits at the marquee corner of 22nd Street and Spring Road, a lighted intersection with over 39,000+ vehicles per day in Oak Brook, a high-income suburb west of Chicago. The asset is the anchor tenant at the new Oakbrook Commons Mixed-Use Development spanning 17+ acres. Fogo de Chao opened in November 2021 paying 50% of year 3 rent with a percentage rent threshold starting at $4,791,667 in revenue. Sales for the first 12 months amounted to $10,040,944, which resulted in the tenant surpassing their stabilized rent and they continue to perform beyond expectations. The percentage rent thresholds step every five years starting in 2026, providing upside for a new purchaser in addition to the fixed rental increases. This property presents an outstanding opportunity for a passive owner to acquire an irreplaceable high visibility corner sitting in the center of one of the Midwest’s premier shopping districts. The tenant’s strong growth trajectory paired with the long term lease and percentage rent upside will be a terrific addition to a buyer’s portfolio.
Exclusively Listed By

