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Real Estate Bisnow
   
January 15, 2013 
 
 
Mixed-Use + Medical:
Hot Mess or Success?

Health Care REIT has been at the forefront of senior living and healthcare real estate since 1970. The company’s $16.5B portfolio makes it a trusted capital partner. Find out more here.

 
Does the combo of mixed-use and medical mean big money or a money pit? We heard both sides at our third annual Healthcare Real Estate Summit last week.
 
Derrick Evers
Neal Richards Group CEO Derrick Evers says mixed-use works for Forest Park Medical Center Frisco. NRG is buying bigger tracts of land to replicate this campus across the state. One reason it succeeds: his hospital does more elective procedures (as opposed to ER visits); and patients are less likely to mind having to park in a mall-type lot and walk to their doctor. He also says going green and being a community partner are part of the value-add that developers can bring to the table. See it in his own words here.
 
Bisnow (Sales) Jumbo
Jason Signor, Andy Down, John Trabold, Steve Whitcraft, Mike Noto, Derrick Evers

Our panel: Caddis Partners CEO Jason Signor; Winstead shareholder Andy Dow (moderator on our second panel that you'll read about tomorrow), VMG Health real estate services director John Trabold, Turner Construction Co Texas region director of healthcare Steve Whitcraft (moderator), Health Care REIT management services group SVP Mike Noto, and Derrick. Jason says having retail on the first floor of medical office buildings hasn’t integrated well in the 20 community clinics Caddis has done. Occasionally, a deli or a bank branch can anchor an MOB, but traditional mixed-use projects seldom work in his experience.

Clint Morgan, Matt Mattox, Jason Signor
Jason, right, with American National Bank of Texas’ Clint Morgan and Caddis’ Matt Mattox, points to the office vacancies around Baylor, Parkland, and Presby. “If retail and housing anchored so well, why don’t you see that more around those campuses? People don’t want to be around sick people,” he says. He also doesn’t believe LEED means much to tenants or buyers. Out of the 10 assets Caddis sold last year (valued at $130M), LEED wasn’t a factor in any. “Tenants won’t pay more in rent, and while a fraction of them may care, it doesn’t justify cost at this stage,” he says.
Scott Engle and Marty Wieder
We snapped Texas Capital Bank’s Scott Engle catching up with event sponsor City of Colleyville economic development director Marty Wieder. The duo attended Arlington High School together. Marty tells us Colleyville will soon welcome US Memory Care’s first dementia facility, upon completion of $12M in construction at 8100 Precinct Line Rd. Also, Catalyst Commercial just completed a medical analysis that quantified the market to support seven additional physician specialists within in three-mile Colleyville service area.
Dallas Hughes and Rick Kuhn
Perkins+Will’s Dallas Hughes and event sponsor American Institute of Steel Construction’s Rick Kuhn, who tells us the not-for-profit technical institute and trade association services the structural steel design community and construction industry with the goal of making structural steel the material of choice. AISC’s Steel Solutions Center provides services to help find, compare, select, and specify the right system for your project. From typical framing studies to total structural systems, including project costs and schedules, the AISC can provide up-to-date information for free.
 
Tessa Samarripas and Holland Morris
Event sponsor the Real Estate Council’s Tessa Samarripas and Holland Morris tell us spring is full of big TREC events. On Jan. 24, the Belo Mansion is the site of a 7:30am gathering featuring the first installment of the speaker series: GSD&M CEO Roy Spence celebrates the community partners and 2013 community initiatives. On Feb. 6, the 2013 annual membership meeting will feature the TREC state of the union and opportunities to join 2013 committees. And the can’t miss event of the year: TREC’s 25th annual Fight Night on May 9 at the Hilton Anatole. To reserve your tables, go to recouncil.com or call 214-692-3600.
 
Vincent Cozzi and Jud Jacobs
We also caught up with Lillibridge Health Services’ Vincent Cozzi and Trammell Crow Co’s Jud Jacobs. One more day of event coverage coming up tomorrow coming from the healthcare providers’ point of view.

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.
 
Got to see the Baylor Bears new basketball unis last night on ESPN. Didja like 'em better than their highlighter uniforms from last year? Let's just hope they take 'em to the dance again. tonie@bisnow.com
 
 
 
 
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