The following case study highlights one of many ways we help our clients succeed at the highest level in their healthcare real estate transactions. As every property requirement, deal structure, and negotiation is unique to each practice owner, we strive to find solutions that provide maximum benefits to our clients.
Our client, Ear, Nose & Throat Care Center, had been practicing in a facility that did not accommodate their expected growth. In addition, the current facility did not represent their vision and reputation. They also hoped to be closer to a local hospital where many of their surgical procedures were performed. This was the first project of its kind for the client and they were looking for a partner to help them through the process.
We researched and ultimately toured several properties within the ideal geographical area. We soon learned that the property closest to the desired hospital location was most expensive, partly because it was on the hospital property. Based upon the timing of the ENT Care Center’s current lease, we had plenty of time to find and negotiate on multiple properties. Having two viable alternate locations gave ENT Care Center the confidence to walk away from the “on the hospital campus” property knowing that they would be successful in a less expensive alternative. At the 11th hour, we heard back from the “on campus” property with a significantly reduced lease rate. They realized what a great tenant our client was, and knew they were about to lose them to a less expensive alternative down the street. The new reduction in lease rate, along with the other concessions, drove the “on hospital campus” back into budget.
Ultimately, we were able to secure the ideal space in the ideal property without breaking the budget. Based upon the original asking lease terms, and though our negotiated lease rate, free rent and tenant improvement allowance concessions, we were able to attain a savings of $824,000.00 for our client over the lease term!
Since opening the doors, ENT Care Center has added staff, additional practitioners and is considering an expansion. We are so excited to see their success and proud to know that we helped contribute to it.
I can’t say enough great things about Dennis Thornton and CARR Healthcare. As a new physician to the world of private practice, Dennis was instrumental in helping analyze and locate a great space for my new practice. He did an exceptional job negotiating the terms of my lease and was able to secure a large tenant improvement allowance to help me build an amazing space. He was always looking out for my best interests. I highly recommend Dennis and CARR for any healthcare realty needs.