Read King Sells Shake Shack Drive-Thru Ground Lease In Richmond Texas For $5.8M

The property involved in the transaction is a newly constructed single-tenant Shake Shack drive-thru ground lease located at 19130 West Bellfort Street, Richmond, TX. The asset type is retail, encompassing 3,072 square feet on a 1.71-acre lot. The sale price for the property was $5,800,000, resulting in a price per square foot of $1,888.

Summary of transation details:

• Property Type: Retail
• Transaction Amount: $5,800,000
• Address: 19130 West Bellfort Street, Richmond, TX
• Asset Size: 3,072 SF
• Price Per Square Foot: $1,888
• Cap Rate: 5.00%
• Seller: Read King
• Buyer's Representative: Anthony Cerrone - Marcus & Millichap
• Seller's Representatives: Austin Blodgett & Jonathan Schiffer - RealSource Group; ParaSell Inc

RealSource Group was instrumental in negotiating the sale, achieving a record-low cap rate for a Shake Shack ground lease in Texas. The buyer is a private 1031 exchange investor based in New York City, and the restaurant is situated within the 134-acre Waterview Town Center mixed-use development.