A South Florida chicken brand with corporate leases and new growth capital behind it, and what to check before you buy, from a NNN buyer’s broker with 225+ transactions.
A Pollo Tropical NNN property is a freestanding quick-service restaurant with a drive-thru, usually in Florida, leased on a long-term NNN lease. Because Pollo Tropical runs its own U.S. restaurants rather than franchising them, the lease is usually corporate. Recent deals have included 15-year absolute NNN leases with 10% rent increases every five years. Pollo Tropical is owned by Authentic Restaurant Brands, a private restaurant group based in Austin, Texas, which bought the brand in 2023. In September 2026, the London firm Trimontium committed $325 million to the group to fund growth.
Pollo Tropical has 122 locations and did more than $327 million in sales last year. The parent is a private company and is not publicly rated, so the lease, the store and the real estate carry most of the weight in a purchase, whether you’re buying outright or on a 1031 exchange. Solid Investments FL has represented buyers on Pollo Tropical deals, and our buyer representation is always free to you.
| Tenant | Usually a corporate Pollo Tropical entity; leases signed before 2023 may name the former parent, Fiesta Restaurant Group. Confirm the tenant and any guarantor |
|---|---|
| Parent company | Authentic Restaurant Brands (private), Austin, Texas; also owns Primanti Bros, Tavern in the Square, P.J. Whelihan’s and Mambo Seafood |
| Parent credit | Private company, not publicly rated |
| Restaurants | 122 locations (September 2026), concentrated in Florida |
| Sales | More than $327 million last year; the parent group reports four straight years of positive same-store sales |
| Recent news | $325 million growth investment from Trimontium (September 2026), structured as debt, hybrid and equity |
| Typical lease term | Recent deals: 15-year leases and extensions |
| Lease type | Absolute NNN; fee-simple and ground-lease deals both trade |
| Rent increases | Often 10% every 5 years; varies by lease |
| Typical cap rate (2026) | About 5.5%–6.75%, depending on the lease term, rent and location |
| Typical price range | About $2M–$4M |
Restaurant counts and ownership from restaurant-industry news reports as of 2026. Cap rates and pricing reflect current market conditions and vary by deal.
The brand changed owners in 2023. Read exactly which entity is the tenant and whether a parent guarantee survived the sale, especially on older leases that name Fiesta Restaurant Group.
Authentic Restaurant Brands is private and not publicly rated. Its 2026 investment adds growth capital, and some of it is debt. Ask what financial information is available on the tenant entity.
Ask for store-level sales if you can get them. Rent at 6%–8% of sales is healthy, below 6% is very strong, and around 10% is close to break-even.
Pollo Tropical is strongest in South Florida. It has pulled back from markets outside its core before, including closing its Texas restaurants in 2017. Location in a proven market matters.
Florida restaurant rents can be high on a per-square-foot basis. Compare the rent per square foot to nearby restaurant leases so the site is easy to re-lease if needed.
Busy corners with strong access and good drive-thru stacking hold value for any restaurant user, which is your long-term protection.
We’ve represented buyers on corporate Pollo Tropical deals in Frisco, Texas and Homestead, Florida, including a ground lease:
Fast Food / QSR
Fast Food / QSR
Solid Investments FL is a Florida NNN buyer's brokerage headquartered in Lakewood Ranch (Sarasota), serving investors across Florida and nationwide, with 225+ NNN transactions, including corporate Pollo Tropical deals in Texas and Florida. We help investors and 1031 exchange buyers find, underwrite and close Pollo Tropical and other quick-service restaurant properties, and our buyer representation is free.
As of 2026, Pollo Tropical NNN properties generally trade around 5.5% to 6.75% cap rates. Longer lease terms, strong South Florida locations and ground leases trade at the lower end, while shorter terms trade higher.
Then you own the land and the tenant owns the building. The main drawback is that you can't depreciate the building. The upsides: the tenant paid to build the store, so it has a strong vested interest in staying; ground rents are typically at or below market; and in most ground leases the building reverts to the landowner when the tenant vacates or the lease ends (verify it in your lease). That's why ground leases usually trade at lower cap rates.
Pollo Tropical is owned by Authentic Restaurant Brands, a private restaurant group based in Austin, Texas, which bought the brand's former parent, Fiesta Restaurant Group, in 2023. In September 2026, the investment firm Trimontium committed $325 million to the group to support growth.
Pollo Tropical and its parent, Authentic Restaurant Brands, are private and not publicly rated. Buyers judge the credit from the tenant entity, any guarantee, store sales and the strength of the location.
In the U.S., usually corporate, because Pollo Tropical operates its own U.S. restaurants. Leases signed before 2023 may name the former parent, Fiesta Restaurant Group, so confirm exactly who the tenant and guarantor are today.
Confirm the tenant entity and any guarantee, ask for store sales if available (rent at 6% to 8% of sales is healthy, below 6% is very strong, and around 10% is close to break-even), compare rent per square foot to the local market, and favor strong locations in the brand's core Florida markets.
General information only, not investment, tax or legal advice. Credit ratings and market data change; verify current figures before investing.
We’ve closed corporate Pollo Tropical deals and know what to check in the lease. Tell us your budget and timeline; our buyer representation is completely free.
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