WHAT WE'RE DOING
Learning. Growing. Getting Better.
In July 2021, Prevarian, along with our partner Harrison Street, purchased five medical office buildings on 23 acres surrounding the Garland VA Medical Center in Garland, TX.
The buildings served the Baylor Scott & White Medical Center which closed in 2019. The campus and the buildings suffered from general neglect and vacancy was high.
After taking over, in just over one year:
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The campus was rebranded and a marketing campaign was initiated
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Occupancy increased 75% in the two primary Medical Office Buildings
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Two vacant building were torn down to enable new construction
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Infrastructure improvements were initiated (street lighting, landscaping, public art)
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A comprehensive Master Plan for site and infrastructure improvements was initiated
Thanks to an ongoing partnership with the City of Garland, Valoris HealthPark is re-establishing itself as a centralized medical campus and resource for Garland residents.
In July 2021, Prevarian and Harrison Street purchased five medical office buildings on 23 acres surrounding the Garland VA Medical Center in Garland, TX. The VA serves over 500,000 North Texas veterans.
The Opportunity and What We Did About It:
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Get creative and establish a common-goal partnership with the City committed to improving access to healthcare services for Garland residents.
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Build a unified, centralized Medical Center and plan for a new acute care Hospital. Garland is 250,000 people without an acute care hospital or hospital-based emergency room.
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Negotiate a financial strategy with the City to open up land for new development and attract new healthcare providers to the campus.
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Rebrand and redefine the campus. Valoris HealthPark was selected and a marketing campaign was initiated. "VAL-oris" makes reference to the men and women who serve our country and with whom we are fortunate to share a campus.
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Step up Marketing and Leasing - this has resulted in a 75% increase in occupancy since the acquisition.
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Make the Valoris campus a civic destination. A comprehensive Master Plan for site and infrastructure improvements has been approved and construction starts in 2025.
Some of the outstanding providers that thrive at Valoris HealthPark include...
Voyages Behavioral Health Hospital is located near downtown Dallas and adjacent to the Baylor Scott & White University Medical Center, a 1,000-bed campus which treats over 300,000 patients annually. Voyages Dallas will offer 72 beds in a unique urban, multi-story building undergoing an adaptive reuse. Views of the Dallas skyline, proximity to a large City park and an excellent location make this the kind of Behavioral Health Hospital that a great City deserves.
The COVID-19 pandemic brought already-serious mental health challenges to the forefront of our awareness - and to the doorsteps of acute care hospitals - across the United States.
And it starts with inadequate access to Behavioral Health services - inpatient and outpaitient - in nearly every market. There continues to be a supply and demand imbalance.
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Rates of depression among adults hit a high in 2023
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Suicides hit an all-time high in 2022
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Emergency Department visits have surged
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Nearly half of the U.S. population resides in a mental health workforce shortage area.
In the entire City of Dallas - big place, lots of people - there is one private Behavioral Health Hospital.
So, Prevarian and Voyages are reimagining an existing 7-story former Medical Office Building and building the Voyages Behavioral Health Hospital near downtown Dallas and adjacent to the Baylor Scott & White University Medical Center, a 1,000-bed campus which treats over 300,000 patients annually.
Voyages Dallas will offer 72 beds in a unique urban, multi-story building undergoing an adaptive reuse. Views of the Dallas skyline, proximity to a large City park and an excellent location make this the kind of Behavioral Health Hospital that a great City deserves.
Good stuff.