Monday, February 06, 2017

Parkland puts former campus in Dallas' Medical District on the market

Parkland Health & Hospital System unveiled plans to sell its former Parkland Memorial Hospital campus in Dallas' Medical District, more than two years after opening its new $1.3 billion hospital.

The campus sits on five adjacent sites totaling 38.3 acres of land at Harry Hines Boulevard and Medical District Drive in the Medical District. It sits one block east of Stemmons Freeway.
"The former Parkland Memorial Hospital campus presents a generational opportunity to acquire a substantial stake in the ongoing renaissance of Dallas' premier emerging marketplace and at the heart of the city's most important concentration of the medical services community," said John Alvarado, a senior vice president at CBRE, in a statement.

Alvarado, David GlasscockGary CarrEric Mackey and Robert Hill of CBRE, along with Kevin O'Neil and Doug Gordon of the firm's healthcare services team will represent Parkland in marketing the campus.

In this real estate cycle, the Medical District has exceeded $3 billion in the development of new medical facilities. The campus represents a significant redevelopment opportunity in Dallas-Fort Worth, Alvarado said.

The campus is zoned as Mixed-Use District 3, which allows for high density classification outside the city's urban core. It is also served by TRE and DART rail stations within walking distance to the property.

Candace Carlisle/Dallas Business Journal.