lease · Sherman · 1.3 mi
One Grand Centre
1800 Teague Dr
$19–21 /SF/YR
Largest in-town multi-tenant office. Renovated common areas. Marketed to medical, legal, financial. This is the Sherman office rent floor for second-generation space.
Sale & lease survey
The board is thin. The range is wide.
Sherman medical rents run from a $14/SF condo to a ~$28/SF new shell. Existing multi-tenant office sits at $19–21. Class A on the TMC campus asks $22.50 NNN. Sales of standing medical land between $217 and $273 a foot.
Sherman lease blend
$16.55/SF
Realmo medical asking average
In-town Class B
$19–21/SF
One Grand Centre, 1982
On-campus Class A
$22.50 NNN
Texoma Medical Plaza
Purpose-built sale
$273/SF
1700 Gallagher Dr · 4,397 SF
Asking rents
Where a new 909 building would sit
Target $23–26 NNN for new off-campus medical in Sherman: a step above TMC campus only if the building is truly new and parked; otherwise match $22–24 and win on Town Center convenience.
Where they sit relative to 909
Subject is the green 909 pin on Pecan Grove. Lease, sale, and land comps are scaled in miles — Gallagher is the near-in owner-user sale; TMC Class A is the Denison campus, not a Sherman neighbor.
Distance to subject
909 subjectLeaseSaleLandTown Center
Not pinned (no reliable coordinates): Pioneer Plaza (2504 Veterans Memorial Pkwy S) — street not in OSM; treat as Sherman owner-user, not a mapped pin; 7,350 SF medical shell — listing did not publish a reliable address; LoopNet Sherman averages — market snapshots, not sites; 7 acres E Highway 82 — bulk listing, no parcel pin.
| Asset | City | Type | Size | Asking | From 909 |
|---|---|---|---|---|---|
One Grand Centre 1800 Teague Dr | Sherman | lease · B | 68,409 SF | $19–21 /SF/YR | 1.3 mi |
Texoma Medical Plaza I & II 5012 S US-75 / 5125 Texoma Center Dr | Denison | lease · A | 195,000 SF | $22.00–22.50 /SF NNN | 2.6 mi |
Pioneer Plaza office condo 2504 Veterans Memorial Pkwy S | Sherman | lease · Condo | — | $14 /SF + NNN | — |
4616 S US Highway 75 4616 S US Highway 75 | Denison | lease · B | — | $19 /SF/YR | 2.8 mi |
7,350 SF medical shell Sherman (listed as under construction / near TMC corridor) | Sherman | lease · A | 7,350 SF | ~$28 /SF/YR ($17,150/mo) | — |
Center at Gallagher Drive 1700 Gallagher Dr | Sherman | sale · Purpose-built | 4,397 SF | $273/SF | 0.40 mi |
Pioneer Plaza office condo 2504 Veterans Memorial Pkwy S | Sherman | sale · Condo | — | $435,000 | — |
Sherman medical inventory (LoopNet snapshot) Sherman market average | Sherman | sale · B | 39,407 SF | $226/SF | — |
Sherman office inventory (LoopNet snapshot) Sherman market average | Sherman | sale · B | 39,359 SF | $217/SF | — |
815 E Pecan Grove Rd 815 E Pecan Grove Rd | Sherman | land · Land | 0.62 ac | $1,411,290/ac | <0.1 mi |
2700 US Highway 82 E 2700 US Highway 82 E | Sherman | land · Land | 3 ac | $166,333/ac | 3.1 mi |
7 acres E Highway 82 E Highway 82 | Sherman | land · Land | 7 ac | $107,143/ac | — |
lease · Denison · 2.6 mi
Texoma Medical Plaza I & II
5012 S US-75 / 5125 Texoma Center Dr
$22.00–22.50 /SF NNN
On-campus Class A at TMC. Lead tenant TexomaCare. The ceiling for Texoma medical rents today — new off-campus product in Sherman should undercut this slightly or match it with parking and Town Center convenience.
lease · Sherman
Pioneer Plaza office condo
2504 Veterans Memorial Pkwy S
$14 /SF + NNN
Flexible office condo. Sale or lease. Sets a low owner-user alternative to multi-tenant product.
lease · Denison · 2.8 mi
4616 S US Highway 75
4616 S US Highway 75
$19 /SF/YR
Highway medical/office. Confirms $19 as a widely quoted Texoma asking rate for non-Class-A.
lease · Sherman
7,350 SF medical shell
Sherman (listed as under construction / near TMC corridor)
~$28 /SF/YR ($17,150/mo)
Blank-shell medical. High asking rate reflects new construction and remaining vacancy after a 3,000 SF pre-lease. Useful as the top of the Sherman asking range.
sale · Sherman · 0.40 mi
Center at Gallagher Drive
1700 Gallagher Dr
$273/SF
Purpose-built medical: 6 exam rooms, 3 private offices, leaded X-ray. The cleanest owner-user MOB sale comparable in Sherman. $273/SF is the number to beat for new condo pricing.
sale · Sherman
Pioneer Plaza office condo
2504 Veterans Memorial Pkwy S
$435,000
Same asset as the $14/SF listing. Owner-user pricing without a published SF — treat as a condo, not a PSF MOB comp.
sale · Sherman
Sherman medical inventory (LoopNet snapshot)
Sherman market average
$226/SF
LoopNet showed ~4 Sherman medical office listings averaging $226/SF. Includes larger, older product. Use as a blended existing-inventory marker, not a new-construction target.
sale · Sherman
Sherman office inventory (LoopNet snapshot)
Sherman market average
$217/SF
Six office listings averaging $217/SF. Medical trades a modest premium to generic office — as expected.
land · Sherman · <0.1 mi
815 E Pecan Grove Rd
815 E Pecan Grove Rd
$1,411,290/ac
Hard corner next door. Marketed for retail, medical, or professional office. Phenomenal proximity to US-75 and US-82 / Town Center. This is the land-value ceiling for the Pecan Grove frontage.
land · Sherman · 3.1 mi
2700 US Highway 82 E
2700 US Highway 82 E
$166,333/ac
Highway acreage without Town Center adjacency. Shows how fast land price falls off the retail/medical node.
land · Sherman
7 acres E Highway 82
E Highway 82
$107,143/ac
Bulk highway land. Not a 909 comparable except as a floor on raw acreage.
Lease takeaways
- Second-generation office in Sherman still clears in the high teens to low twenties.
- On-campus Class A at TMC is the rent ceiling today at $22.00–22.50 NNN.
- A new 7,350 SF shell asking ~$28 is the high print — and it had to pre-lease 3,000 SF.
- Owner-users can still lease a condo at $14 + NNN. That is the alternative you lose deals to.
Sale takeaways
- Blended Sherman medical inventory ~$226/SF; generic office ~$217/SF.
- The one purpose-built MOB worth quoting is Gallagher Drive at $273/SF.
- Land next door at 815 is $1.41M/acre — a Town Center retail/medical number, not a highway number.
- New construction will not trade at $226. Price condos off Gallagher plus a new-product premium, not off the blended average.
National context
U.S. MOB occupancy hit 92.7% in Q4 2025 with NNN rents around $25.35/SF. Completions are expected down 26% in 2026. Cap rates span roughly 5.5–8.5%, with investment-grade health-system leases tighter (5.00–6.00%) and shorter non-IG paper wider (6.50–8.00%). Sherman will not get coastal cap rates. It will get credit if you bring a credit tenant.
Rent bands used in the chart: Sherman 2nd-gen office (One Grand Centre); Sherman medical asking (Realmo blend); Owner-user condo (Veterans Pkwy)…