Marcus & Millichap is pleased to offer the opportunity to acquire a stabilized multi-tenant mixed use center in Sherman, Texas. The property is comprised of six buildings totaling 23,700 square feet on 2.6 acres. The buildings were constructed consecutively between 2002 and 2006, and all have metal roofs. The center is 95 percent occupied, and 77 percent of the gross leasable area is leased to medical. Tenants consist of Medical Business Solutions, Dr. John Pulliam, Texoma Physicians Group, Complete Women’s Health, Allure Laser & Spa (Dr. Strobel), Clinical Pathology Labs, U.S. Anesthesia, Steed Dunnill Reynolds Murphy, Blair Weaver Construction, Dr. Sandmann, and Dr. Wills. All current leases are gross.
The subject property is located on East Evergreen Street just off U.S. Route 75 (Sam Rayburn Freeway), with traffic counts exceeding 75,000 vehicles per day. The property also has access from Vernon Holland Memorial Drive. Numerous national and regional retailers are in the area, including Burger King, Kroger, Sonic, Walgreens, Rent-A-Center, AutoZone, Taco Bell, Save a Lot, Taco Casa, Metro PCS, Planet Fitness, Goodwill, CVS, Napa Auto Parts, Sherwin-Williams, Advance Auto Parts, Pizza Hut, Wells Fargo, Lowe’s, IHOP, Texas Roadhouse, Chili’s, and many more. 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 U.S. 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.
SALE HIGHLIGHTS
- 95% Occupied Mixed-Use Multi-Tenant Center in Sherman, Texas
- 77% of the Gross Leasable Area has Medical Tenants
- All Current Leases are Gross
- Comprised of Six Freestanding Buildings Totaling 23,700 Square Feet
- Buildings have a Metal Roof
- Situated on 2.6 Acres with a Concrete Parking Lot
- Priced at $129 per Square Foot
- Located off of US Route 75 (Sam Rayburn Freeway) at East Evergreen Street | Traffic Counts Exceed 75,000 Vehicles per Day on the Freeway
- Near Numerous National and Regional Tenants Along the Sam Rayburn Freeway and Texoma Parkway Corridors
- Sherman is Approximately 65 Miles Northeast of Dallas
- Property is Located in the U.S. Treasury-Defined “Opportunity Zone” | Designed to Spur Economic Development by Providing Tax Benefits | Investors can Defer Tax on Capital Gaines Through the End of 2026 or when the Investment is Sold | The Initial Investment will be Discounted by up to 15% for Tax Purposes after Seven Years
