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, Greystone Chiropractic, contacted CARR in 2019 to discuss options for their practice as they neared the end of their lease. They run a busy chiropractic office in Birmingham, AL, and wanted to explore options to either renegotiate a new lease and expand their current space, find a new rental or purchase property and build new construction.
We met with Dr. Goldenberg to learn more about his practice and begin researching property options. We spent a great deal of time understanding the various needs of his practice and seeking options for its future. He wanted a modern look with a very functional design that set the look of his new clinic apart from traditional chiropractic care. Dr. Goldenberg offers an array of different types of care in his practice, so having separation of the services was vital.
We looked at multiple existing buildings to remodel and also several parcels of land for sale, with the consideration of purchasing land and developing a brand new building. One piece of land we found was located across the street from a brand new Publix Marketplace, which would provide very strong visibility on one of the busiest highways in Birmingham. The land is located in an up-and-coming hot market with proximity to a state-of-the-art dental office and a future plastic surgeon office.
We introduced Dr. Goldenberg to several key partners – commercial bank lenders and general contractors to name a few, and negotiated several options on his behalf, so he could remain focused on the growth and promotion of his practice.
After reviewing our research and comparing his options, Dr. Goldenberg decided to build a new office building. We met with him every step of the way, between architects, review committees, land seller, general contractor, and developer. Even beyond the actual financial savings on the project, was the amount of time and hassle we eliminated from Dr. Goldenberg’s plate, by connecting him with the right team and advising him on best practices throughout the process.
Ultimately, Dr. Goldenberg chose to build a brand new office because of the great location and ability to customize the look, ergonomics, layout, and feel of his practice. In addition to his practice, he now owns the land and his new office building, and he also created another income stream by building an additional 1,200 square feet onto his building to lease to a tenant. The entire process from start to finish was approximately 18 months.
“I had literally no stress throughout the entire process thanks to the full-service treatment CARR provides, and I am thankful for their knowledge of the market, the area and their tenacity to see things through and make this deal happen.”