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Shopping Strip

Sherman Centre

2701 N Hwy 75, Sherman, TX 75090

Listing Price: $14,500,000

Cap Rate
3.72%
Gross SF
170,722
Rentable SF
170,722
Price/Gross SF
$84.93
Lot Size
23.87 acres
Year Built
1994

Investment Overview

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.

Investment Highlights

  • 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)
  • 60% Occupied | Triple-Net Leases | Current Average Rents are Well Below Market | Pro Forma Cap Rate is 9.30%
  • Future Pad Site Development Adjacent to Bomgaars Provides Additional Upside | Approximately 1.96 Acres to Accommodate a 7,000-Square-Foot Building
  • 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

Exclusively Listed By

Financing By

Shopping Strip

Sherman Centre

Listing Price: $14,500,000

Cap Rate
3.72%
Gross SF
170,722
Rentable SF
170,722
Price/Gross SF
$84.93
Lot Size
23.87 acres
Year Built
1994

Investment Highlights

  • 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)
  • 60% Occupied | Triple-Net Leases | Current Average Rents are Well Below Market | Pro Forma Cap Rate is 9.30%
  • Future Pad Site Development Adjacent to Bomgaars Provides Additional Upside | Approximately 1.96 Acres to Accommodate a 7,000-Square-Foot Building
  • 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

Investment Overview

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.

Exclusively Listed By

Financing By

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