Marcus & Millichap Inc.
10/16/2024 | Press release | Archived content
Marcus & Millichap Brokers Sale of 170,722 Square Foot Retail Center in Sherman Texas
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Marcus & Millichap Brokers Sale of 170,722-Square-Foot Retail Center in Sherman Texas
October 16, 2024
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SHERMAN, Texas, Oct. 16, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Sherman Centre, a 170,722-square-foot multi-tenant retail center in Sherman, Texas.
"The Sherman Centre presented a rare value-add opportunity in a rapidly growing North Dallas submarket that included big-box vacancy and outparcels for upside potential," said Chris Gainey, senior vice president investments. "We were able to source a number of offers during our marketing process from both local and out-of-area private capital buyers, ultimately moving to the finish line with an investment group based on the West Coast looking for opportunistic retail properties in Texas."
Gainey and Philip Levy, investment specialists in Marcus & Millichap's Dallas-Fort Worth offices, exclusively marketed the property on behalf of the seller, a private owner-developer based in Texas, and procured the buyer, an out-of-state private investor.
Sherman Centre, located at 2701 N Hwy 75, sits near the intersection of two major highways, US 75 and US 82. The center is 60% occupied, with tenants including Bomgaars, Nautilus Family Fitness, and a top-performing Texas Roadhouse. The property also includes a 1.96-acre pad site for future development, providing additional growth potential.
"The Sherman Centre presented a rare value-add opportunity in a rapidly growing North Dallas submarket that included big-box vacancy and outparcels for upside potential," said Chris Gainey, senior vice president investments. "We were able to source a number of offers during our marketing process from both local and out-of-area private capital buyers, ultimately moving to the finish line with an investment group based on the West Coast looking for opportunistic retail properties in Texas."
Gainey and Philip Levy, investment specialists in Marcus & Millichap's Dallas-Fort Worth offices, exclusively marketed the property on behalf of the seller, a private owner-developer based in Texas, and procured the buyer, an out-of-state private investor.
Sherman Centre, located at 2701 N Hwy 75, sits near the intersection of two major highways, US 75 and US 82. The center is 60% occupied, with tenants including Bomgaars, Nautilus Family Fitness, and a top-performing Texas Roadhouse. The property also includes a 1.96-acre pad site for future development, providing additional growth potential.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.