RealSource Group negotiated the sale of a newly constructed, single‑tenant Shake Shack drive‑thru ground lease in Richmond, Texas, part of the Houston metropolitan area.
The property sold for $5.8 million at a 5.00% closing cap rate, marking a record‑low cap rate for a Shake Shack ground lease in Texas and one of the lowest Shake Shack cap rates recorded nationwide.
RealSource Group’s Austin Blodgett, Senior Vice President of Investment Sales, and Jonathan Schiffer, CCIM, Senior Associate, in association with ParaSell, Inc., represented the seller, Read King, a Houston‑based real estate development firm with more than 30 years of experience delivering high‑quality retail projects nationwide. The buyer, a private 1031 exchange investor from New York City, was represented by Anthony Cerrone, Director of Investments at Marcus & Millichap.
The Richmond Shake Shack is a 2026 build‑to‑suit featuring the brand’s latest double‑lane drive‑thru prototype. Located at 19130 W. Bellfort, the 3,072‑square‑foot restaurant sits on 1.71 acres within Waterview Town Center, a 134‑acre mixed‑use development anchored by Academy Sports + Outdoors, Sprouts Farmers Market and LA Fitness. RealSource Group, in association with ParaSell, Inc., arranged the sale of the single‑tenant LA Fitness in 2021 at a record‑low cap rate at the time of sale and more recently sold the Quick Quack Car Wash ground lease and Black Rock Coffee Bar.
The surrounding area includes more than 248,000 residents and average household incomes exceeding $149,000 within a five‑mile radius, supported by master‑planned communities such as Aliana, Harvest Green, Fieldstone and Waterview Estates.
The site also benefits from proximity to major employment drivers, including Amazon’s 850,000‑square‑foot distribution hub, which opened in 2021 and added more than 1,000 jobs to the region. Traffic counts exceed 28,000 vehicles per day at the nearby intersection.
