Cushman & Wakefield Brokers $20.4M Sale of CCRC in South Texas

CORPUS CHRISTI, Texas — Cushman & Wakefield has negotiated the sale of Mirador, an upscale, 228-unit continuing care retirement community in Corpus Christi.

The Tampa, Florida-based Cushman & Wakefield Senior Housing team of Allen McMurtry, Paul Carr and David Kliewer represented the seller, an affiliate of Addison, Texas-based Senior Quality Lifestyles Corp. An affiliate of Methodist Retirement Communities, based in The Woodlands, Texas, acquired the asset for $20.4 million or $89,254 per unit.

Mirador was developed in 2011 on a 17-acre plot and comprises three interconnected buildings totaling approximately 271,455 square feet of living, dining and common space. The Class A facility features 125 independent living apartments, 44 assisted living units, 18 memory care units and 41 skilled nursing units.

The average independent living unit at Mirador is 1,013 square feet. The property was 82 percent occupied at the time of sale.