The 161,264-square-foot medical center is located in the fast-growing, affluent city of Frisco, Texas, and is 100% leased by Baylor Scott & White, the largest non-profit health system in Texas
FRISCO, Texas, and CHICAGO, Oct. 18, 2023 – Joint venture partners Remedy Medical Properties and Kayne Anderson Real Estate announced the acquisition of the 161,264-square-foot Baylor Scott & White Frisco Medical Center in the Dallas-Ft Worth suburb of Frisco.
Baylor Scott & White Frisco Medical Center is ideally situated in fast-growing Frisco, TX. It’s surrounded by master-planned residential neighborhoods, thriving commercial districts, premier sports and entertainment venues, resort and leisure amenities, and easy access to major thoroughfares and DFW International Airport.
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The two-story, 68-bed specialty hospital, located at 5601 Warren Parkway, sits on 7.4 acres and is 100% occupied by Texas Health Ventures Group, a joint venture between Baylor Scott & White (BSW), the largest non-profit health system in Texas and one of the largest in the country, and United Surgical Partners International (USPI), the nation’s largest ambulatory surgery platform.
BSW Frisco Medical Center is a world class surgical center consistently ranked among the best in the country, featuring 11 operating rooms including two robotic surgery rooms. The hospital’s services include orthopedics, OB/GYN, labor delivery/NICU, urology, spine, radiology, and general surgery, as well as an emergency department and onsite pharmacy. The facility boasts a suite of resort-like amenities for both patients and guests, such as complimentary valet parking, private rooms, and more. Included in the purchase is the adjacent two-story parking garage.
“This was an attractive opportunity to secure a fully leased medical center that has a strong growth trajectory in one of the hottest markets in the country,” says Joe Magliochetti, chief investment officer for Remedy. “The BSW Frisco Medical Center is performing very well, and is benefiting from a notable increase in outpatient and ambulatory services, with orthopedic care as the primary driving force. In addition, Remedy has existing relationships with Baylor Scott & White and USPI, and we are pleased to be able to further strengthen those relationships through this acquisition.”
“The Dallas-Fort Worth region is growing rapidly, and the Frisco market area is the epicenter of that growth,” says Antonio Minchella, senior managing director, medical office, for Kayne Anderson Real Estate. “Baylor Scott & White is committed to serving the Frisco area through this location. They entered a long-term lease extension prior to the purchase, and are investing in the building to both improve the patient experience and upgrade and enhance surgical capacity.”
Frisco is the fastest-growing large city in the country over the past decade, according to the U.S. Census, with a compound annual growth rate (CAGR) of 10.9%, compared to a median CAGR of 0.9% nationwide. The city’s average household income is $181,000, which is 74% higher than the national average.
The campus location is ideal, with easy access to two of North Texas’s primary thoroughfares, the Dallas North Tollway and Sam Rayburn Tollway and within 10 miles of six major hospitals, including Children’s Medical Center Plano and Baylor Scott & White Centennial Hospital. It’s also just one mile from The Star, the headquarters and training facility of the Dallas Cowboys.
About Remedy Medical PropertiesRemedy Medical Properties is a full-service healthcare real estate company and the largest owner of healthcare properties in the country, with nearly 30 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 https://www.RemedyMed.com.
About Kayne Anderson Real EstateKayne Anderson Real Estate is a leading real estate investment firm, managing over $14.5 billion in assets under management across opportunistic equity, core equity, and real estate debt, with sector expertise in medical office, seniors housing, off-campus student housing, multifamily housing, and self-storage. Kayne Anderson Real Estate is part of Kayne Anderson a $33 billion alternative investment management firm with more than 39 years of successful experience in the real estate, renewable and energy infrastructure, energy, credit, and growth capital sectors. For more information, visit https://www.kayneanderson.com/real-estate/.
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