CRE Buyer Purchases Airport-Adjacent Land in Sherman

A vacant tract near the North Texas Regional Airport traded hands last week.

Point Break Real Estate Investments sold a 209-acre agricultural field across from the airport on Hwy 289 to the entity OTW Preston 209 Limited on March 18, public records show. State records link the buyer to Jim Hazard, an executive managing principal for the Frisco office of Chicago-based commercial real estate firm Cresa. The individual seller is Sreeramulu Bokkisham, an individual investor based in Georgetown, Texas, who bought the land in 2022, according to public records.

The price is undisclosed, but the land was listed for $9.4 million when it sold this month, or about $45,000 per acre. Butch Fife of Butch Fife Realtors represented the seller.

The largely rural airport between Sherman and Denison, the northernmost city in Texas on Hwy 75, is gearing up to meet spillover demand for Dallas-area air travel. Grayson County Judge Bruce Dawsey told local outlets in March that NTRA has the space and the runway length to equal Dallas Love Field Airport, which is about 70 miles south. NTRA is also preparing to update its lighting and install a new taxiway.

It’s not the only airport racing to become the Metroplex’s third alternative after Love Field and DFW International Airport. The McKinney National Airport plans to complete a commercial terminal with passenger service by the end of the year, according to its website. Developers have taken notice: Caprock Partners has a business park in store for 15 acres in the McKinney airport, and Holley Development Company bought 422 acres nearby with plans for light industrial development.

The Sherman-Denison area is attracting significant industrial investment, and rooftops are following closely behind. Texas Instruments has allocated about $40 billion to an upcoming semiconductor manufacturing plant in Sherman on a 1,200-acre site near Shepherd Road. The project, announced in 2021, has spawned several residential developments, including a $250 million mixed-use community by Cope Equities that’s intended specifically to house Texas Instruments’ workforce. Apple is also planning a laser equipment manufacturing plant in Sherman.

Craig International plans to develop a 189-acre mixed-use community in Denison at the intersection of Hwy 75 and FM 84. CEO David Craig described the Denison project as a “front door” to Preston Harbor, a 3,100-acre development by Craig that could double Denison’s current population of 28,000.

Hazard did not immediately respond to a request for comment.