Parkland Health & Hospital System has chosen real estate firm CBRE to assist with the sale of the old Parkland Memorial Hospital.
The former campus, comprised of five sites totaling 38.3 acres, is situated in the middle of the Medical District, along Harry Hines Boulevard and Medical District Drive. It neighbors its successor, the new Parkland Memorial Hospital, along with campuses for UT Southwestern Medical Center and Children’s Medical Center Dallas.
The Medical District employs more than 30,000 people, in addition to serving more than 3 million patients each year. Another key draw for potential buyers is its walking distance to the TRE and DART rail stations.
“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, senior vice president at CBRE.
The space has been designated as a Mixed-Use District 3, giving potential buyers plenty of options moving forward. It also has the highest density classification excluding the downtown business area. The space affords a “significant redevelopment opportunity” in the area, with $3 billion worth of medical facilities being constructed there in recent years, the firm adds. The firm will accept offers for the whole property or smaller sections. CBRE said they will market the property to a “wide variety of investors” ranging multiple property types.
Alvarado will be joined by David Glasscock, Gary Carr, Eric Mackey, and Robert Hill of CBRE’s Office Investment Properties, as well as Kevin O’Neil and Doug Gordon of CBRE’s Healthcare Services team to represent Parkland in the sale.
