Marcus & Millichap is pleased to offer the opportunity to acquire a value-add multi-tenant retail center in Sherman, Texas. The 37,512-square foot buildings is currently 79 percent occupied with 70 percent of the gross leasable area having triple-net leases, providing significant upside potential. Tenants Include King Buffet, United States Army/Navy, Tokyo Hibachi & Sushi, Absolute Tan, The Jeweler’s Bench, Wok Kitchen, Santoshi MAA, A+ Nails, and G’s Mind and Body Alterations. The building was constructed in 2001 and sits on a large 5.88-acre lot.
The subject property is located at the intersection of two major highways, US 75 (Sam Rayburn Freeway) and US 82. Traffic counts exceed 75,000 vehicles per day on US 75 and 26,300 vehicles per day on US 82. Dense retail development lines the intersection with numerous national and regional tenants, including Ashley Home Store, Starbucks, Subway, Lowe’s Home Improvement, Chili’s Grill & Bar, El Chico, Texas Roadhouse, Nautilus Family Fitness, IHOP, Golden Corral, La Quinta Inn & Suites, Holiday Inn Express, Hampton Inn, Quality Suites, Walmart Supercenter, Sam’s Club, ALDI, Harbor Freight Tools, Tractor Supply Co., Cinemark, Hobby Lobby, Dollar Tree, Belk, Cheddar’s Scratch Kitchen, Red Lobster, Cracker Barrel, Olive Garden, Target, Old Navy, Ross Dress for Less, Bed Bath & Beyond, Texoma Harley-Davidson, and numerous others. The population within a five-mile radius is 43,850 with an average household income of $57,185.
Sherman is located about 65 miles northeast of Dallas and is the county seat of Grayson County. It is one of the principal cities in the Sherman-Denison Metropolitan Statistical Area. Sherman is served by two US highways: US 75 (Sam Rayburn Freeway) and US 82. It is also served by three Texas State Highways, which extend beyond Grayson County: State Highway 11, State Highway 56, and State Highway 91 (Texoma Parkway) which is one of the main commercial strips that connects Sherman and Denison and also extends to Lake Texoma.
- Value-Add Multi-Tenant Retail Center in Sherman, Texas
- 79% Occupied | 70% of the Gross Leaseable Area has Triple-Net Leases
- Significant Upside Potential with a 10% Pro Forma Cap Rate
- Complementary Mix of Internet-Resistant Tenants
- Building has a New Roof with a 10-Year Warranty
- Situated on a Large 5.88-Acre Lot | Includes Two Acres of Land for Future Development
- Assumable Loan in Place | Interest Rate is 4.61% | Cash on Cash is 7.6%
- Freeway Location in the Major Retail Trade Area of the City with Numerous National and Regional Retailers | Located at the Intersection of US 75 (Sam Rayburn Freeway) and US 82
- Traffic Counts on US 75 Exceed 75,000 Vehicles per Day and are 26,300 Vehicles per Day on US 82
- Sherman is Approximately 65 Miles Northeast of Dallas