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Texas Health Rockwall Nearly Doubles Size Of Hospital: Estimated $104 Million Project Serves Growing Community

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Work is complete on an estimated $104 million expansion and renovation project at Texas Health Hospital Rockwall that nearly doubles the size of the facility.

A Level II neonatal intensive care unit (NICU), a cardiac catheterization lab and an expanded Emergency Department are among the new and enhanced spaces meeting increasing healthcare needs in this part of North Texas.

“We are growing with the communities we serve,” said Cindy Perrin, FACHE, president of the hospital. “We are proud of our new NICU, which is helping meet the health needs of our tiniest patients. We are also helping increase access to critical care services for more families, which we hope will bring them greater comfort.”

The eight-bed NICU, a first for Texas Health Rockwall, includes two private rooms and a separate room for parents who need to stay overnight. The hospital is expected to deliver an estimated 1,200 babies this year, up from about 400 in previous years.

The expansion at Texas Health Rockwall*, a joint venture between Texas Health Resources and area physicians, increases access to medical services for nearby communities, especially families living east of Lake Ray Hubbard.

Rockwall County’s population is on the rise. The population of the county was listed at 123,208 as of July 1, 2022, according to the U.S. Census. That figure is up from April 2020 when the population recorded was 107,819.

The hospital began as a small community facility in December 2007. As the region experiences continued growth, the hospital has strived to grow too – expanding to meet the needs of patients and opening healthcare access to communities shifting from rural to suburban. Today, it serves patients and families from Rockwall, Kaufman, Hunt, eastern Dallas and southern Collin counties.

The hospital’s two-story inpatient bed tower was expanded to four stories. The project, which added 32,000 square feet and renovated 51,000 square feet, was completed in phases during the past four years.

The renovated areas have spacious waiting rooms in light blue and gray tones. Wave features painted on the walls allude to the nearby lake and are intended to instill a sense of calm. Most of the first floor of the hospital was renovated or refreshed. The facility’s front-line caregivers provided input on the design based on needs identified during the COVID-19 pandemic.

Inside Texas Health Rockwall’s Expansion:

  • New NICU
  • Ten new Labor & Delivery Rooms in an expanded Labor & Delivery area
  • Two C-section rooms or operating rooms designated for patients delivering by cesarean section.
  • Twenty-four postpartum rooms
  • Twelve intensive care unit (ICU) beds
  • Renovation of the Post Anesthesia Care Unit – the recovery area in which patients are monitored after surgery.
  • Seven new emergency room beds, for a total of 14 in the expanded Emergency Department
  • New cardiac catheterization lab where healthcare professionals diagnose and treat common heart and blood vessel problems using sophisticated diagnostic procedures, screenings and interventional services.
  • New interventional radiology, or IR, suite, where doctors use imaging to diagnose and treat many health conditions.
  • New kitchen
  • New central energy plant
  • Additional parking on the north and south sides

Texas Health Hospital Rockwall is a joint venture involving Texas Health Resources and physicians dedicated to the community and meets the definition under federal law of a physician-owned hospital. Doctors on the medical staffs practice independently and are not employees or agents of the hospital.

 

Source: Blue Ribbon News

Remedy, Kayne Anderson Real Estate Acquire Trophy Medical Office Portfolio In Denver Area

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Joint venture partners Remedy Medical Properties and Kayne Anderson Real Estate have acquired a trophy medical office portfolio in the Denver suburb of Englewood.

The acquisition of the two-building, 68,195 square foot Dry Creek Medical Campus closed April 12.

Principals of Chicago-based Remedy and Boca Raton, Fla.-based Kayne Anderson Real Estate – which, aside from hospitals and health systems, are the nation’s largest owners of medical properties – say the acquisition has many upsides and provides their firms with a number of benefits.

“This acquisition gives us the opportunity to invest in a strong, highly coveted market with excellent demographics,” says Joe Magliochetti, Chief Investment Officer of Remedy. “The Denver area is one of America’s fastest growing regions. There are almost 234,000 residents within a five-mile radius of this property, and the population is forecasted to grow 3.4 percent between 2022 and 2027, compared to only 1.2 percent for the United States as a whole.”

The area also boasts an average household income of nearly $159,000, which is 51 percent more than the national average. As home to 10 Fortune 500 companies, the area also has a diverse, thriving economy with a steady influx of highly educated, talented workers.

“The campus location is also ideal, with easy access to local transportation,” Mr. Magliochetti adds. “It’s two blocks from Interstate Highway 25 and the Dry Creek Light Rail Station, and close to two major airports. It’s also within 10 miles of seven major hospitals, including Sky Ridge Medical Center, Littleton Adventist HospitNews Releaal and Centennial Hospital.”

The facilities, located at 135 and 145 Inverness Drive E., are 100 percent leased by six leading healthcare providers with complementary specialties. Services are centered around a full-service ambulatory surgery center (ASC) leased to Orthopedic Centers of Colorado (OCC) in partnership with SCA Health, the national leader in specialty care, which is owned by UnitedHealth Group. Dr. Metz Bariatric Surgery, which is also on the campus, recently became part of HealthOne, one of the leading health systems in Colorado. Other specialties housed in the properties include imaging, spine, orthopedics, anesthesia and dermatology.

“The properties house high-quality, well-respected medical tenants that have average remaining lease terms of almost nine years,” says Antonio Minchella, Senior Managing Director, Medical Office, Kayne Anderson Real Estate. “With average annual net operating income (NOI) growth of 3 percent, the assets will deliver a steady, predictable and growing income stream.”

Mr. Minchella adds that the two properties are relatively new, with the three-story 145 Inverness Drive building built in 2019 and the one-story 135 Inverness Drive facility built in 2000. The one-story building was completely renovated into an orthopedic surgery center in 2021 and now features seven operating rooms, three convalescent care rooms, and pre-op and post-op areas.

“The surgery center has been very successful and active, performing more than 500 surgeries a month, which is among the busiest in the Denver area,” Minchella adds.

CBRE U.S. Healthcare & Life Sciences served as the broker for the transaction.

About Remedy Medical Properties

Remedy Medical Properties is a full-service healthcare real estate company and the largest owner of healthcare properties in the country, with more than 28 million square feet and 25 offices spanning 43 states. For healthcare decision-makers who want to maximize the value of their real estate while enhancing their ability to adapt, our national presence enables us to offer the right solutions in the right locations for your organization. Remedy offers unmatched flexibility in every client engagement, and our adaptability enables us to provide more options in ownership, development, leasing, management, and strategy. Our willingness to commit capital, share more risk, and offer greater foresight results in greater resilience, profitability, and peace of mind for our clients. For more information visit www.RemedyMed.com.

About Kayne Anderson Real Estate

Kayne Anderson Real Estate (“KA Real Estate”) is a leading real estate private equity investor in medical office, senior housing, off-campus student housing, multifamily housing and self-storage. KA Real Estate manages $14.5 billion of real estate AUM across opportunistic equity and real estate debt. KA Real Estate is part of Kayne Anderson Capital Advisors, L.P., a $34 billion alternative investment management firm with more than 38 years of successful experience in the real estate, infrastructure, credit, and growth capital sectors (as of 9/30/2022).

 

Source: HREI

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