Client Case Study Oklahoma City Vet Campus | Oklahoma City, OK
The following case study highlights one of many ways we deliver superior results to our clients through expert representation. While healthcare real estate presents unique challenges to each practice owner; at CARR, we strive to find solutions that provide maximum benefits to our clients.
Our client wanted to do a “first of its kind” concept in the Oklahoma market. A complete veterinary hospital that was certified Fear Free, combined with doggy day care, full kenneling services, grooming, and strength and agility courses…all under one roof. This provided a very unique real estate need, to the tune of over 17,000 square feet! Combine all of these requirements with the fact that this was a start-up and the budget needed to meet very strict loan requirements, we had our work cut out for us.
By working with our client’s bank we determined exactly how much tenant improvement dollars we were going to have available, as well as their maximum rental rate for the first 2 years. This allowed us to narrow our search to only the properties and Landlords that were able to achieve this combination of terms, while still keeping the location in their target area. We determined that a flex space would be the ideal option for them, as the square footage needed for the vet clinic would be equivalent to the office space and the rest of the services would work quite well in a less built out/warehouse type space.
We ended up finding a great flex building in the exact downtown area that they wanted to be in, with a large ownership group that was able to fund over $260K in TI alone! At the end of the day, we secured over $340k in total concessions from the landlord, including the option to purchase the building anytime during our 10 year lease.
“If you are a healthcare professional of any kind and you aren’t using CARR to help you with your lease or purchase negotiations, you’re crazy! We came to CARR with a new concept for a multi-disciplinary Vet Campus that would require a large amount of space, with very specific parameters that were very unusual for a Vet start-up. During the process, we ended up needing to change the part of town that we were looking to go into. Through all the changes, CARR was able to find us great options to start our dream and we are now the first Fear Free Veterinary Facility in Oklahoma. CARR was able to negotiate an amazing lease rate within parameters and got the Landlord to give us almost $260K to help us build out our space! Overall CARR saved us over $340k total on our lease! Most importantly, it was very clear through the whole process that the success of our practice was their upmost concern. Thank you CARR!”
Shara Carlton, DVM & Tristan YoungOklahoma City Vet Campus
Oklahoma City, OK