DALLAS – Dallas County has approved the $83 million sale of the former Parkland Memorial medical campus to Dreien Opportunity Partners.
The 38.3-acre campus at Harry Hines Blvd. and Medical District Dr. currently has about 1.4 million sf. The high-density zoning allows the new owner to build an additional 4.5 million sf on the 16 remaining developable acres.
For the redevelopment's first phase, Dreien will convert the three main structures into a $250 million mixed-use destination called The District.
Other plans include:
Parkland will pay Dreien around $2 million for clinical space and parking per year in a lease-back agreement until construction of the new clinic is complete. The new facility will be across the street.
CBRE marketed the property. Davidson and Bogel Real Estate represented Dreien.
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.