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Children’s Health Acquires Nearly 20-Acre Property In Plano, Teases Further Expansion

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Dallas-based Children’s Health has acquired a prime piece of property on Legacy Drive in Plano, according to a filing with the Collin Central Appraisal District.

Children’s Health has acquired the property at 5301 Legacy Drive in Plano, adjacent to its existing Children’s Medical Center Plano,. (PHOTO CREDIT:: JAKE DEAN)

Located at 5301 Legacy Drive, the property was built in 1997 and consists of a 296,434-square-foot, three-story campus and 270,414-square-foot parking garage. The property’s total land area is 19.66 acres.

According to the filing, Children’s Health acquired the land in December 2022. The property value was most recently assessed at $49 million, and is adjacent to the health system’s existing Children’s Medical Center Plano.

“As we expand our system to meet the needs of a rapidly growing pediatric population, we are investing in space to help us prepare for this growth,” Children’s Health told the Dallas Business Journal in a statement. “We purchased this property near our Plano campus, at Legacy and Hedgcoxe Road, and are currently evaluating the best use of this property to serve our mission to make life better for children.”

The Legacy Drive property was previously owned by Dallas’ Champion Partners, which purchased it from Keurig Dr Pepper Inc. in December 2019. Champion Partners purchased the campus with a $52.4 million loan from New York-based Square Mile Capital Management. The property served as the headquarters for Keurig Dr Pepper, which moved into the office space in 1998. In February 2019, Keurig Dr Pepper announced it would move its headquarters to a 350,000 square foot building at The Star in Frisco. The company moved in 2021.

In March 2022, Dallas’ Champion Partners and New York-based Taconic Capital Advisors received a $73 million loan from California-based CIM Group to renovate the property, according to a report from the Dallas Morning News.  Renovations were expected to include a new outdoor amphitheater, fitness center, outdoor courtyard, lounge and meeting area. The developers were also set to remodel the two-story lobby entrance to the main campus, the Morning News reported.

Earlier this month, Children’s Health opened the doors of its new specialty center in Prosper. The three-story, 30,000-square-foot center will expand access to care for children and families in Collin and Denton Counties. In Dallas, Children’s Health and the University of Texas Southwestern Medical Center are in the midst of planning a new pediatric medical campus.

Children’s Health and UT Southwestern are considering a site on the southeast corner of Harry Hines Boulevard and Mockingbird Lane, according to a report by D CEO. The site is on the north side of the UTSW campus, directly across Harry Hines from UTSW’s Clements University Hospital.

Documents sent to potential contractors last year describe the proposed project as a $2.5 billion pediatric hospital to replace the existing Dallas campus of Children’s Health with 532 beds, a medical office building, and at least one parking garage. An emergency department with 90 bays and more than 90 newborn intensive care unit beds is also planned. The RFQ said construction was expected to begin in 2024 for a 2028 delivery.

 

Source: Dallas Business Journal

Colorado Credit Union Branch To Be Converted To Medical Office

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Avison Young has brokered the sale of an 8,000-square-foot office property located at 8331 Continental Divide in Littleton.

8331 Continental Divide, Littleton, Colorado (PHOTO CREDIT: Avison Young)

The property was formerly a Colorado Credit Union branch and headquarters and will be transformed into a pediatric medical office. The property sold for an undisclosed price.

Avison Young Principal Rick Egitto, CCIM along with Justin Rayburn, principal with Fountainhead Commercial Properties, represented the seller, Colorado Credit Union. The buyer, Continental Divide Holdings, LLC was represented by Dann Burke and Stephani Gaskins with CBRE Healthcare Real Estate Brokerage Services.

“The buyer plans to execute a renovation of the property for use as its pediatric practice,” said Egitto. “We are seeing the Denver market being driven by the strong demand for medical office space and expect that trend to continue over the next 12 to 18 months.”

The broker team used its collective network to bring the opportunity to the market and secured a buyer for the property days before the listing went public. The quick sale enabled the seller, Colorado Credit Union, to consolidate its operations at its new Denver headquarters building on San Juan Way. It will also provide a reputable local pediatric practice to expand operations to a new office in the Denver metro.

“Rick and Justin’s targeted strategy to identify a local owner/user buyer allowed for a short due diligence period. This aligned with our business goals to rapidly monetize this real estate asset and capture valuable equity to invest back into our business,” said Mike Williams, CEO with Colorado Credit Union.

 

Source: Mile High CRE

Children’s Health Purchases 72-Acres In Prosper With Plans For Medical Campus

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The nation’s eighth largest pediatric healthcare provider has purchases 72 acres in Prosper with plans to build a medical campus in the quickly growing suburb.

(Rendering Credit: Courtesy of: Children’s Health and HKS)

The medical center will be just a stone’s throw from Cook Children’s North Campus, which is also being built in Prosper and will partly open this fall. The facility will continue Children’s Health northward expansion into Denton County after it opened Children’s Health Plano in 2008. There will be pediatric healthcare services at the site, which is at Highway 380 and the Dallas North Tollway, and will include corporate, hospitality, and retail products on the community medical campus.

Children’s Health is in the process of selecting a master developer for the non-healthcare related development, which includes public-private partnerships with Prosper. The land was purchased from Matthews Southwest and was part of the company’s 177-acre mixed-use development.

Prior to the purchase, Children’s Health became a sponsor of Prosper ISD with a 10-year deal to be its official pediatric healthcare partner, which includes naming rights to the school district’s yet-to-be-opened athletic complex.

“Prosper is regionally significant and integral to the long-term strategy of Children’s Health,” said Jeremiah Radandt, executive vice president of the Northern Market for Children’s Health via release. “We have always sought-after the best ways to serve and invest in the community. By building this unique medical campus, we are broadening how we bring health care to North Texans, and better serving the needs of our patients for the future.”

“Children’s Health is one of the region’s most respected and distinguished health care providers, and the town of Prosper is excited it has made a commitment to our community,” said Mayor Ray Smith with the town of Prosper via release. “We look forward to a long-term relationship with Children’s Health. The project will offer high quality health care for our younger residents as well as the benefit of high-end commercial development at one of Prosper’s key intersections for economic growth.”

 

Source: D CEO Healthcare