Monday, August 27, 2012

Buckner to build housing for seniors near NorthPark


A prime three-acre development tract just south of NorthPark Center shopping mall has been purchased by Buckner International.
Dallas-based Buckner, a nonprofit Christian ministry that operates orphanages, senior housing and other community support programs, bought the property to build senior housing.
The land is on the west side of North Central Expressway just south of Northwest Highway and is part of the Lincoln Park mixed-use complex.
Buckner’s plans for the project include multiple levels of senior living and care, said Scott Collins, vice president of communications.
“It’s a great location,” Collins said Monday. “We have a lot of development to do on it.
“Probably the first resident won’t walk in the door for four or five years.”
Terms of the land purchase were not disclosed.
Buckner purchased the property from Lone Star Funds, which put the land and other Dallas-area real estate on the market a few months ago. HFF, formerly Holliday Fenoglio Fowler L.P., marketed the tract.
Lone Star Funds acquired control of the North Central Expressway property last year when it bought a $5 billion portfolio of distressed commercial real estate loans from Anglo Irish Bank Corp.
The Dallas-based investment group then took ownership of the properties through foreclosure.
The development site Buckner International purchased is one of the few vacant properties in that stretch of U.S. Highway 75.

By STEVE BROWN

Real Estate Editor

Dallas Morning News