Richmond, Texas — RealSource Group has brokered the $5.8 million sale of a newly constructed, single-tenant restaurant property located in Richmond, a southwestern suburb of Houston. Shake Shack occupies the 3,072-square-foot building on a 15-year corporate absolute triple-net ground lease with 10 percent rental increases every five years. The property is situated within Waterview Town Center, a 134-acre mixed-use development anchored by Sprouts Farmers Market, Academy Sports + Outdoors and LA Fitness.
Austin Blodgett and Jonathan Schiffer of RealSource Group, in association with ParaSell Inc., represented the seller, Read King, a Houston‑based real estate development firm. Anthony Cerrone of Marcus & Millichap represented the buyer, a private 1031 exchange investor from New York City.