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January 8, 2010 
 
 
NOT YOUR FATHER'S RETIREMENT HOME

 

Dallas-based non-profit Senior Quality Lifestyles Corporation (SQLC) bucks the trend of postponing high-end projects: It secured $165M in financing for its Fort Worth project underway (covered here last month) and the $1.5M purchase of 17 acres for a Corpus Christi site.

 

Mirador in Corpus Christi is the firm’s first in a mid-market community and the one-time entry fees there will be around $200k, says SQLC VP Kristen McCaig. Corpus Christi and Fort Worth, slated to open in 2011, will join SQLC’s Dallas, Houston, and Austin locations. Think people are eager to retire? Mirador has yet to secure financing or start construction, yet it's 81% presold. Greystone Communities manages the projects, and the new communities were designed by Three Architecture and constructed by Andres.

Edgemere was the first SQLC property, opening in 2002. Company founder Charlie Brewer started the non-profit after struggling to find care for his own mother. Not just luxury, the facilities provide “life care,” from independent to assisted living, skilled nursing, and memory care all in a resort environment complete with concierge.

Concierge Frank Leonard with Kristen McCaig

Speaking of, here's concierge Frank Leonard with Kristen. She says SQLC breaks senior living stereotypes. One trend is the move for younger seniors checking out their options for retirement and beyond. (Is Quidditch replacing shuffleboard?) Kristen says the ailing economy hasn’t impacted sales because the population continues to age and residents lock in rates when they move in. The new concept freezes the monthly payment despite the level of care.


BAD YEAR, GOOD RIDE
 
Jones Lang LaSalle tenant rep managing directors Steve Thelen and Brad Selner

Calling 2009 an anemic year, Jones Lang tenant rep managing directors Steve Thelen and Brad Selner see few factors indicating a stronger 2010 CRE market. Steve says CFOs are seeking ways to slash costs, resulting in tenants more inclined to renew leases and stay put. As loans mature, many properties will be refinanced, foreclosed, and sold, Brad says, and new owners will have lower basis than those who bought in '05-'07. That'll lead to a continual slide in rental rates and an increase in concessions, he adds, making later this year and next a great time to be tenant.

Flanked by Steve Thelen and Brad Selner are JLL's H. Forshey Hoobler, Jeff Staubach, and Josh White

After hours, this gang motors their way to dirt bike tracks across North Texas. Flanked by Steve and Brad are H. Forshey Hoobler (our favorite name since Linbeck’s South Cole), Jeff Staubach (note the resemblance to dad Roger) and Josh White (who claims to have no game on the court, despite sharing a name with the top UNT point guard). Brad says riding dirt bikes isn’t that dangerous, but Bisnow heard rumors of broken noses and near-misses from dumping bikes into bodies of water.


TWO MILL FOR HILL

 

Hillwood Investment Properties acquired almost 2M SF of vacant industrial buildings: two properties adjacent to Hillwood’s Alliance California development in San Bernardino and the third is the Frankford Trade Center in Carrollton. Specifics weren’t released, but Hillwood prez Tal Hicks says the properties were identified as opportunities. Frankford is a Class A commercial building built in 2000 with renovations expected to finish in 30 days. It's located at the northeast corner of the George Bush Tpke and Interstate 35. It has 660k SF, with 60k of that for office space.


 
UPCOMING EVENTS
 

ULI North Texas - Jan 28 - Annual Membership Reception - 5:30-7:30pm - Hully & Mos, 2800 Routh St., Suite 115.  Info

 
 
 
Transwestern (Dallas)
Reznick (Creating)
Turner
Red Coats
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