Marcus & Millichap is pleased to offer the opportunity to acquire a value-add, multi-tenant retail center in Sherman, Texas. The 37,617-square-foot center is currently 94 percent occupied with 86 percent of the gross leasable area having triple-net leases, providing upside potential. Tenants include King Buffet, United States Army/Navy, Tokyo Hibachi & Sushi, The Jeweler’s Bench, Stewards Southern Classic Daiquiri, Regis Liquor, Puppy Dreams, Luminess Beauty, Infinity & Beyond Vape, 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 63,400 vehicles per day on US 75 and 28,400 vehicles per day on US 82. Dense retail lines the intersection with numerous national and regional tenant, 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, 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 52,649 with an average household income of $68,406.
- 37,617-Square-Foot, Multi-Tenant Retail Center in Sherman, Texas
- 94% Occupied | 86% of the Gross Leasable Area has Triple-Net Leases
- Upside Potential in Leasing the Vacant Space and Converting all Leases to Triple-Net | Pro Forma Cap Rate is 8.38%
- Tenant Base is a Complementary Mix of Largely Internet-Resistant Retailers and Restaurants
- Situated on a Large 5.88-Acre Lot | Includes Two Acres of Land for Future Development
- Adjacent Pad Sites Include Ashley Homestore, Lone Star Food Store/Valero, a Starbucks-Anchored Retail Center, and Catrina’s Cocina & Tequila Bar
- 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 63,400 Vehicles per Day and 28,400 Vehicles per Day on US 82
- Close Proximity to Several National Hotel Chains, Providing Additional Traffic to the Area
- Sherman is Approximately 65 Miles Northeast of Dallas | One of the Principal Cities in the Sherman-Denison Metropolitan Statistical Area
- Priced at $179 per Square Foot
