Following a near record level of seniors housing transactions nationally in 2011, the Dallas/Fort Worth seniors housing market has continued to plow ahead through the Great Recession, supported by positive job growth from the aged child, strong demographics and a resilient housing market. This resilience has led DFW to become one of the most sought after seniors housing investment and development markets in the country for institutional quality investors looking to hedge risk in their portfolio. Like in most major metros, Dallas saw a significant pullback from renters through 2009 and 2010 in the independent living product, primarily caused by senior’s inability to sell their homes, combined with 2,550 units of new construction coming on line. This created significant softness in the suburban markets (Plano, Frisco and McKinney) during the downturn, but all have gained momentum as the economy and housing market has strengthened. From 2008 to 2010, the overall independent living occupancy dropped across the Metroplex from 86.1 percent to 83.0 percent, but has recovered to approximately 85.7 percent through the absorption of 803 units during the past four quarters. “We expect to continue to see positive absorption and rent growth in the DFW Metroplex over the next 12 …
THE WOODLANDS — The Woodlands Development Company, a subsidiary of The Howard Hughes Corporation, has plans to break ground on a 66-acre mixed-use property called Hughes Landing at Lake Woodlands, located in The Woodlands. The mixed-use property is slated to have eight office buildings, a boutique hotel, retail and entertainment venues and multifamily housing. Construction of the first office building, the 195,227-square-foot One Hughes Landing, is expected to begin this fall and finish in the fourth quarter of 2013. Houston-based Gensler designed the facility to achieve LEED Silver certification.
TEMPLE — Panda Temple Power has completed the financing for a planned, 758-megawatt power plant, located on a 250-acre site at the Synergy Industrial Park in Temple. The property, known as the Temple Generating Station, is slated to become operational by the end of 2014. The new plant is expected to contribute up to $1.6 billion in the first 10 years of operation and add about 700-800 jobs. Panda Power Funds and other financial institutions provided equity financing. Bechtel and Siemens Energy have been selected to build the generation facility.
PLANO — HFF has arranged $11.76 million in financing for the 138,154-square-foot Legacy Drive Village, a shopping center located at 7000 Independence Parkway in Plano. Kroger Signature anchors the 92 percent-leased center, which includes other tenants such as Domino's Pizza, Dunkin Donuts, Einstein Brother's Bagels, Palm Beach Tan and Subway. Travis Anderson of HFF arranged the 10-year loan through Prudential Mortgage Capital Co. on behalf of the borrower, a Cencor Realty Services joint venture.
HOUSTON — NorthMarq Capital has secured first mortgage refinancing for the 255-room Hotel Sorella, located in the CITYCENTRE development in Houston. John Burke and Chad Owens of NorthMarq Capital's Houston office arranged the 10-year loan through a CMBS lender on behalf of the borrower, CITYCENTRE HOTEL PARTNERS. The loan includes two restaurants located at the base of the hotel: Yard House and Straits Restaurant. The hotel is managed by Houston-based Valencia Group.
DALLAS — Marcus & Millichap has arranged the sale of a 1,440-square-foot Starbucks, located at 3330 Oak Lawn Ave. in Dallas. Philip Levy of Marcus & Millichap's Fort Worth office represented the seller, a personal trust, in the transaction and procured the buyer, a partnership.
AUSTIN — ARA has brokered the sale of the 300-unit Bluffs at Town Lake, a multifamily community located at 2005 Willow Creek Drive in Austin. The property is 92 percent occupied and features amenities such as a cyber cafe, coffee bar, music area, fitness center, urban oasis pool, indoor basketball court and skyline views of downtown Austin. Andrew Shih of ARA's Austin office represented the seller, California-based Post Investment Group, in the transaction. Pacific Palisades, Calif.-based The Lighthouse Group was the buyer. Wells Fargo provided agency financing for the acquisition.
FRIENDSWOOD — Marcus & Millichap has arranged the sale of the 218,871-square-foot Reserve at Autumn Creek, a multifamily community located at 3102 W. Bay Area Blvd. in Friendswood. The property features two lakes, open parks with picnic areas, a resort-style swimming pool with a gazebo, an outdoor fireplace, sand volleyball court, clubhouse, business center and a detached fitness facility. Norman Eastwood of Marcus & Millichap's Dallas office represented the seller, a California-based partnership, in the transaction. The buyer was a Florida-based partnership.
DALLAS — Luby's Fuddruckers Restaurants LLC has sold a 11,516-square-foot former Luby's Cafeteria, located at Meadow Central Market at 10425 N. Central Expressway in Dallas. Larry Leon, Kelly Hampton and Ross McCook of Venture Commercial represented the seller in the transaction. Bruce Fry of Bruce B. Fry Co. represented the buyer, SRS Holdings.
FREDERICKSBURG — MIMCO Inc. has purchased the 69,000-square-foot Baron's Creek Shopping Center, located in Fredericksburg. The shopping center includes tenants such as Beall's, Dollar Tree and AT&T.