Marcus & Millichap is pleased to present the opportunity to acquire a 170,722-square-foot, multi-tenant neighborhood retail center in Sherman, Texas. Sherman Centre is 60 percent occupied, providing significant upside potential in leasing the remaining vacancies. All current leases are triple-net. The current tenant base consists of Bomgaars, Nautilus Family Fitness, and a separately parceled Texas Roadhouse pad site. Texas Roadhouse is a top-ranking store, placing in the top 92nd percentile in the United States as compared to other Texas Roadhouse locations. The center was constructed in 1994 and is situated on a total of 23.87 acres with ample paved parking and inclusive of a 1.96-acre pad site for potential upside through future development.
The subject property is located near the intersection of two major highways, US 75 (Sam Rayburn Freeway) and US 82. Traffic counts exceed 63,403 vehicles per day on US 75 and 28,404 vehicles per day on US 82. Sherman Centre is near many national and regional retailers, including Ashley Home Store, Starbucks, Subway, Lowe’s Home Improvement, Chili’s Grill & Bar, El Chico, 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, 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 52,550 with an average household income of $68,281.
- 170,722-Square-Foot, Multi-Tenant Retail Center in Sherman, Texas
- Includes a Top-Ranking Texas Roadhouse Ground Lease | Ranks in the Top 92nd Percentile in the Nation as Compared to Other Texas Roadhouse Locations Based on Consumer Traffic (source: Placer.ai) | Landlord Reports Tenant has Verbally Agreed to an Early 15-Year Lease Extension with Scheduled Rent Increases
- Other Tenants Consist of Bomgaars and Nautilus Family Fitness
- 60% Occupied | Triple-Net Leases | Current Average Rents are Well Below Market
- Significant Upside Potential in Leasing Vacancies | Pro Forma Cap Rate is 10.45%
- Future Pad Site Development Adjacent to Bomgaars Provides Additional Upside | Approximately 1.96 Acres to Accommodate a 7,000-Square-Foot Building
- Priced at $76 Per Square Foot | Well Below Replacement Cost
- Shadow-Anchored by a Top-Ranking Lowe’s | Ranks in the Top 80th Percentile in the Nation as Compared to Other Lowe’s Locations Based on Consumer Traffic (source: Placer.ai)
- Freeway Location in the Major Retail Trade Area of the City Featuring Numerous National and Regional Retailers
- Located at the Intersection of US 75 (Sam Rayburn Freeway) and US 82 | Traffic Counts on US 75 Exceed 63,403 Vehicles per Day and 28,404 Vehicles per Day on US 82
- Close Proximity to Several National Hotel Chains, Providing Additional Area Traffic
- Sherman is Approximately 65 Miles Northeast of Dallas | One of the Principal Cities in the Sherman-Denison Metropolitan Statistical Area
- Bel Air Master-Planned Development is Under Construction off US 75 and Highway 1417 | 300 Acres of Housing, Retail, Restaurants, and Event Venues Centered Around a 3.5-Acre Beach Club and Lagoon
- Minutes from Texas Instruments’ Largest Semiconductor Chip Complex, Tyson Foods, Emerson, and Other Employers
