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Real Estate Bisnow
   
January 14, 2013 
 
 
Doc Offices In
Unexpected Places

 

Need a new pair of jeans and a flu shot? You’re in luck because doctors are moving into shopping centers to take advantage of depressed retail (maybe a shrink should move in, too), we learned Thursday at our third annual Healthcare Real Estate Summit.

 
crowd

About 400 gathered at the Dallas Omni to hear Health Care REIT management services group SVP Mike Noto say that many physician groups and hospitals are converting mall outparcels with visibility on busy corners. They’re putting primary care physicians in smaller spaces that are more accessible to patients with smaller bays (like 3,000 SF) in strip centers.

 
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Mike Noto

Mike says healthcare real estate goes beyond short-term dollars and cents, too. Buyers need the staying power to sacrifice short-term gains in exchange for the long-term relationships between a hospital system and its doctors. Price is typically the biggest dynamic of a deal, but with MOBs and healthcare real estate, the seller (usually a hospital or medical group) wants to know that the buyer can nurture the physician relationship and take care of the doctors’ needs. “The sole purpose of their existence is to support the hospital and its mission,” he says.

John Trabold, Mike Noto, Derrick Evers, Jason Signor, and Steve Whitcraft
VMG real estate services health director John Trabold, Mike, Neal Richards Group CEO Derrick Evers, Caddis Partners CEO Jason Signor, and Turner Construction director of healthcare for the Texas region Steve Whitcraft. Steve says Turner is starting the $40M, 293-bed medical clinic inside the lower three floors of the Dallas County Jail with Parkland, the Sheriff’s department, and HDR Architects. This money-saving facility will reduce the number of transfers to Parkland for prisoners who need healthcare services. Turner also is completing the $81M, 275k SF VA clinic in Austin (the largest VA clinic in the country) with developer Cullinen Properties and PSP Architects.
Frank Fehribach and John Trabold
John, with VMG’s Frank Fehribach (left), says there’s a lot of equity chasing MOB deals, but understanding the space, their business plans, as well as their ability to pay rent, is crucial. One word of caution: don’t expect easy negotiations with physicians (they can squeeze a quarter ‘til they feel the eagles, he says). Congrats to the lucky winner of VMG’s a $250 gift card giveaway: SmithGroupJJR’s Leslie Brennan.
Mark Detrick and Bonnie Hutti
Event sponsor Rockhall Funding’s Mark Detrick and Bonnie Hutti. The firm provides funding through FHA-insured loans, financing for the construction or the substantial rehab of skilled nursing, intermediate care, board and care, and assisted living facilities, as well as hospitals. They tell us Rockhall Funding has been a nationally approved healthcare lender for FHA programs since 2001 and has experience with both construction-permanent loans and refis of healthcare properties.
 
Donn Adams and Ralph Gallizi
Sponsor Polytronix’s Donn Adams and Ralph Gallizi. The firm is a leading manufacturer of Polyvision Switchable Privacy Glass, which is used in hospitals, from ER doors to NICUs, and surgery rooms. It’s also used in hotel showers and divider walls, as well as in banks in ATM enclosure and teller windows. Other uses include conference rooms, classrooms, and data centers. The polymagictim LED glass has been used for signage and retail displays, too.
 
Dawn Burkett and Banks Newton
Staffelbach’s Dawn Burkett chatted with event sponsor Lincoln Harris CSG’s Banks Newton. Lincoln Harris CSG provides full-scope healthcare real estate services including facility management, transaction services, project management, and compliance services. Of the more than 600 MOBs managed and leased in the US by Lincoln Harris CSG, 40 are in the DFW area.
 
Cliff Bogart, Pat Coleman, Sayres Dudley
We caught Carlson’s Cliff Bogart, Thornton Tomasetti’s Pat Coleman, and DHR’s Sayres Dudley. Cliff and Sayres hadn’t seen each other in 15 years. Pat knew how to get her 15 minutes: she tells us Thornton Tomasetti is handling the peer review of the new Baylor football stadium. More event coverage coming on Tuesday and Wednesday.

Secret Job Opening at Bisnow
 
Bisnow wants to let you in on a happy little secret: we’re hiring. However, we can't tell you the role specifics until we meet in person. It's kind of a big deal. Think high level sales but on a higher level than you just thought. Requirements: love to travel, work hard, play hard, hustle, and have fun. Non-negotiable: you need to be amazingly proactive and be able to easily chat up super-intelligent people. That’s right – we’re seeking the embodiment of charisma and attitude (the right attitude, that is. If you’re the right candidate, you’ll understand the right attitude). Clock-watchers and complainers need not apply. Zest for life a major plus. "People-persons" are encouraged. Send your resume to careers@bisnow.com.

Upcoming Bisnow Events!
 
Wednesday, Jan. 30, 7:30am-10:30am. Bisnow's Dallas Hotel Investment Summit. Hear our all-star panel cover how deals are getting done and what the outlook is for financing and development. Register here.
 
Ah-choo. We spent all weekend sneezing and wheezing. tonie@bisnow.com
 
 
 
 
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