The 700,000-sf Sherman Town Center is about 65% pre-leased, Todd Hardin, NewQuest's leasing representative, tells GlobeSt.com. He predicts it will be fully leased by late summer.
The first wave of retail will deliver in the fall and the balance in March 2004. As leases were signed, word started leaking out about a massive retail undertaking in Grayson County targeting Texoma with a 30-mile trade area that stretches into southern Oklahoma.
Hardin says the land purchase closed three weeks ago, immediately jumpstarting construction although NewQuest has been courting retailers for about six months. The anchors will be a 12-screen Cinemark, 132,000-sf Home Depot and 124,000-sf Target.
The land wasn't on the market nor was Sherman on retailers' radar screens, Hardin confides. "We created the market for it," he says. The 100 acres take up the northwest quadrant at the intersection US Highway 75 and Texas 82 along Loy Lake Road.
NewQuest's Steve Alvis, in a press release, says the project began with 50 acres. "But the level of interest we received from retailers was overwhelming," he said. Now, it's 100 acres, 700,000 sf with 10 anchors and 13 pad sites. The project site abuts an existing Wal-Mart Supercenter.
NewQuest's Jay Sears and Dean Lane of Boyd Page/ChainLinks are co-managing the leasing efforts. KAI Architects of Houston designed the town center.
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