DALLAS—A piece of history is likely to find a higher and better use due to obsolesce, according to brokers involved in the marketing of the former Parkland Memorial Hospital. Indeed, the property carries an existing zoning designation of mixed-use district 3, which allows for substantial flexibility and the highest density classification outside of the Central Business District. This makes a redevelopment opportunity more likely than a reuse proposal.
Dallas County Hospital District dba Parkland Health & Hospital System has put its former campus on the market. It is comprised of five adjacent sites of approximately 1.2 million square feet totaling 38.3 acres at Harry Hines Boulevard and Medical District Drive, one block east of Stemmons Freeway/Interstate 35E.
Positioned in the Dallas Medical District, the property is situated among the new Parkland Memorial Hospital and campuses for UT Southwestern Medical Center and Children's Medical Center Dallas. Collectively, the Medical District employs more than 30,000 people and is visited by more than 3 million patients annually. The property also offers mass-transit access with TRE and DART rail stations within walking distance.
Given the area's ongoing development cycle recently exceeding $3 billion of new medical facilities, the former Parkland Memorial Hospital campus represents a redevelopment opportunity in Dallas/Fort Worth, brokers say. This could take the form of the buildings being purchased together or separately for redevelopment.
CBRE has been selected to market the asset. In addition to John Alvarado, David Glasscock, Gary Carr, Eric Mackey and Robert Hill with the firm's office investment properties team, Kevin O'Neil and Doug Gordon of CBRE's healthcare services team will represent the seller.
“The highest and best use would be to demolish and rebuild new due to the physical obsolescence in the existing buildings,” Alvarado tells GlobeSt.com.
Parkland first opened its doors in 1894 on Maple and Oak Lawn Avenues before moving to the Harry Hines location. Old Parkland Hospital North and South, along with a quonset hut building, were built between 1950 and 1954. That old facility was where President John F. Kennedy was treated and later died in 1963. Other building construction spans from 1960 to 1992, occurring during various expansions, GlobeSt.com learns.
“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 Alvarado.
The new hospital across the street, a $1.3 billion facility, is twice as large as the old hospital and opened in 2015. The hospital averages more than 1 million patient visits annually. Services include a Level I trauma center, the second largest US civilian burn center and a Level III neonatal intensive care unit. The system also includes 20 community-based clinics, 12 school-based clinics and numerous outreach and education programs. Parkland is the primary teaching hospital for the University of Texas Southwestern Medical Center, GlobeSt.com learns.
As previously reported, medical centers are resilient assets.
DALLAS—A piece of history is likely to find a higher and better use due to obsolesce, according to brokers involved in the marketing of the former Parkland Memorial Hospital. Indeed, the property carries an existing zoning designation of mixed-use district 3, which allows for substantial flexibility and the highest density classification outside of the Central Business District. This makes a redevelopment opportunity more likely than a reuse proposal.
Dallas County Hospital District dba Parkland Health & Hospital System has put its former campus on the market. It is comprised of five adjacent sites of approximately 1.2 million square feet totaling 38.3 acres at Harry Hines Boulevard and Medical District Drive, one block east of Stemmons Freeway/Interstate 35E.
Positioned in the Dallas Medical District, the property is situated among the new Parkland Memorial Hospital and campuses for UT Southwestern Medical Center and Children's Medical Center Dallas. Collectively, the Medical District employs more than 30,000 people and is visited by more than 3 million patients annually. The property also offers mass-transit access with TRE and DART rail stations within walking distance.
Given the area's ongoing development cycle recently exceeding $3 billion of new medical facilities, the former Parkland Memorial Hospital campus represents a redevelopment opportunity in Dallas/Fort Worth, brokers say. This could take the form of the buildings being purchased together or separately for redevelopment.
CBRE has been selected to market the asset. In addition to John Alvarado, David Glasscock, Gary Carr, Eric Mackey and Robert Hill with the firm's office investment properties team, Kevin O'Neil and Doug Gordon of CBRE's healthcare services team will represent the seller.
“The highest and best use would be to demolish and rebuild new due to the physical obsolescence in the existing buildings,” Alvarado tells GlobeSt.com.
Parkland first opened its doors in 1894 on Maple and Oak Lawn Avenues before moving to the Harry Hines location. Old Parkland Hospital North and South, along with a quonset hut building, were built between 1950 and 1954. That old facility was where President John F. Kennedy was treated and later died in 1963. Other building construction spans from 1960 to 1992, occurring during various expansions, GlobeSt.com learns.
“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 Alvarado.
The new hospital across the street, a $1.3 billion facility, is twice as large as the old hospital and opened in 2015. The hospital averages more than 1 million patient visits annually. Services include a Level I trauma center, the second largest US civilian burn center and a Level III neonatal intensive care unit. The system also includes 20 community-based clinics, 12 school-based clinics and numerous outreach and education programs. Parkland is the primary teaching hospital for the University of Texas Southwestern Medical Center, GlobeSt.com learns.
As previously reported, medical centers are resilient assets.
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