HCA buys Forest Park Medical Center in Dallas

Forest Park Medical Center Dallas, the flagship of the failed chain of doctor-owned luxury hospitals, will be sold to HCA Holdings for $135 million.

Sabra Health Care REIT, the leading creditor of the bankrupt Dallas hospital, announced the sale Tuesday and hopes to close the deal by the end of June, pending a bankruptcy judge’s approval. Forest Park Realty Partners III, LP and BT Forest Park Realty Partners, LP, the owners of the facility, reached an agreement Friday to sell to HCA, Sabra said in a statement.

The deal includes two hospital towers with 84 beds, 22 operating rooms and 16 intensive-care rooms. It also includes a parking garage and a 4-acre parcel adjacent to the buildings. The 190,000-square-foot hospital is just north of Forest Lane on Interstate 75, an HCA statement says.

This is the second time that HCA has bought a Forest Park facility from Sabra. In February, HCA agreed to pay $96.25 million for the 54-bed hospital in Frisco, now known as Medical City Frisco. A statement released by the company suggests that the Forest Park facility will be a satellite of Medical City Dallas.

“In order to meet the needs of our growing North Texas community, Medical City Dallas Hospital continues to expand clinical services for both adults and children,” Erol Akdamar, president of HCA’s North Texas Division, said in a statement.

“The addition of this property will add needed capacity and allow us to proactively plan for the continued growth of the exceptional complement of services we provide,” he said.

It has been a busy week for Sabra and its Forest Park holdings. Last Wednesday Sabra, the secured lender for Forest Medical Center in Fort Worth, saw that hospital sold to Arlington-based Texas Health Resources for $121 million. The Fort Worth facility is a 54-bed, 150,000-square-foot hospital that includes an 80,000-square-foot office building next door and a multilevel parking garage.

Forest Park Medical Center Dallas owed $110 million on the mortgage, with $14.6 million of accrued and unpaid interest and fees, according to Sabra. The company hopes to recoup all of its money with the sale, plus a return of slightly more than 10 percent on its investment.

“We are pleased that the full value of our Dallas investment, including all interest earned, has been realized,” Rick Matros, Sabra’s CEO and chairman, said in a statement.

The acquisition of the Dallas hospital adds to HCA’s growing presence in North Texas. The chain already owns several facilities, including Plaza Medical Center and Medical Center Alliance in Fort Worth, Medical Center Arlington and North Hills Hospital in North Richland Hills.

This report contains material from the Star-Telegram archives.

This story was originally published May 31, 2016 at 12:43 PM with the headline "HCA buys Forest Park Medical Center in Dallas."