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July 24, 2014
The Latest Changes in Healthcare Real Estate
Bisnow is hosting its Baltimore Healthcare Real Estate Summit in just one week to look at the evolving commercial real estate sector, including the arrival of one-stop-shop patient-centered medical homes. (They'll save hypochondriacs a lot of gas money.)
Saint Agnes' first PCMH will open in March in Room Store's former 38k SF showroom at 40 West Plaza just outside the Beltway in Catonsville. This morning, MacKenzie Commercial's Karen Deeley, who repped the hospital, told us its adaptive reuse (under a 10-year lease) will consolidate other Saint Agnes medical practices southwest of Baltimore City. She says it'll ultimately save space with one check-in spot and one lab. Mercy has five PCMHs, including an adaptive reuse of the old Giant store at Ridgley and York in Timonium.
Here's RTKL's design for Saint Agnes' new facility. Sixteen doctors, as well as other specialists, will work under one roof, helping coordinate care and saving patients time, the hospital says.
Diverse Tenants Looking in 'Burbs
Cresa's Scott Wingrat (snapped moments ago, second from left, at the LPGA International Crown at Caves Valley Golf Club with Knott Realty's Taylor Fields and Ryan Burrows and Cresa's Drew Peace, who along with Matt Ryan Jr. just joined Cresa), and tells us the tenants his firm have been repping lately are diverse; it's not only about the techies anymore. They're still mostly in Baltimore, Howard, and Anne Arundel counties, though, not so much in Baltimore City.
The most interesting deal of late, he says, is a tech firm, but it makes case management software for the more traditional legal industry. Needles took 10k SF in BECO Towers (above), relocating within Owings Mills, otherwise a quiet office submarket. Scott tells us it had been in a one-story, standalone building on Music Fair Road for over two decades, and while the company needed to expand, it wasn't looking for a Class-A, multi-story building. That's what it found, though, along with room to grow and a blank slate to build out using the latest workplace strategies.
In late June/early July, JDavis Architects' Justin Martino visited the World Heritage Site of San Miguel de Allende, Mexico. It's the rainy season there, he tells us, and when the wind picked up in front of the parish church, he had a Mary Poppins moment. He was there to visit his mother, who has vacationed during the summer and taken art classes in the town for 20 years.
And here's MacKenzie Commercial's Chris Bennett and wife Julie during a family trip (kids and in-laws included) on safari in South Africa this summer. Highlights (if that's even the right word) include being charged by two elephants and a rare daytime sighting of hyenas.
Don't Miss Bisnow's Baltimore Healthcare Real Estate Summit!
Times are changing, and in no area more so than in healthcare—and that especially goes for Maryland. Bisnow's got the pros to talk it all out at our event on July 31: Johns Hopkins Medical Management Corp president Gill Wylie, Greater Baltimore Medical Center CEO John Chessare, St. Agnes Hospital CEO Bonnie Phipps, Creative Access president Vonda Peterson, and Health Care REIT's Mike Noto. Sign up here!
5th Bisnow Video
With Bisnow Education's latest video, Real Estate and Their Asset Classes, we drill down to fine-point dynamics of the industry itself, explaining vital differences among the many opportunities (economic and otherwise) commercial real estate has to offer. Peter Linneman, Wharton's real estate program founder and chairman, continues to share his extensive knowledge of how real estate sectors differ in operating, organizing and providing revenue, including:
Differences among Class-A, B and C properties.
Risks associated with retail hotel types (the differences are significant)
Shifts of demand within multifamily
Strip centers vs. power centers
The Internet challenge
This is our latest video and video No. 5 in our hugely popular educational series, with more to come. This one contains two-and-a-half hours of useful information, but it can be digested in bite-sized, five-minute spoonfuls that go down easy (watch a sample here). It's available to Bisnow readers for only $99, or purchase all five videos for $199. Order yours here, and for training program group licenses, email Will Friend at email@example.com.