Andy Crosland Of Kobalt Investment Company And Steve Lieberman Of The Retail Connection Acquire Retail Center In Sherman For $34.34M

A joint venture between Kobalt Investment Company and The Retail Connection acquired the retail center located at 3609-4127 North U.S. Highway 75 in Sherman, TX. The property encompasses 29 acres and features a total square footage of 275,348. The acquisition was finalized for a price of $34,340,000. The property is currently 90.8% leased and includes major retailers such as Academy Sports, Kohl’s, and PetSmart, and is situated along a high-traffic corridor near significant employers and a new Texas Instruments plant.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $34,340,000
• Address: 3609-4127 North U.S. Highway 75
• Market: Sherman
• Acres: 29
• Square Footage: 275,348
• PPSF: $125
• Lender: Morgan Stanley
• Cap Rate: 7.86%
• Buyers: Andy Crosland - Kobalt Investment Company; Steve Lieberman - The Retail Connection
• Loan Amount: $24,040,000

The transaction was facilitated by a collaboration between Andy Crosland and Steve Lieberman, representing their respective companies in this venture. Their partnership aims to enhance the retail offering in the Sherman area by leveraging the strategic location of the property.