Pillar Commercial Expands Dallas Portfolio With $26.3M Acquisition

/in /by

Buchanan Street Partners and Carval Investors have sold the 240,000-square-foot Richardson Office Center campus in Richardson, Texas, to Pillar Commercial.

The company bought the asset through its Pillar Real Estate Fund I and obtained a $26.3 million acquisition loan from Bank of Texas, per Collin County public records.

Located at 3001 and 3101 E. President George Bush Highway, the two buildings are adjacent to the Methodist Richardson Medical Center, less than 3 miles from the 2 million-square-foot State Farm campus and close to other healthcare related businesses. The property is 26 miles north of downtown Dallas and 28 miles from the Dallas/Fort Worth International Airport.

The Richardson submarket has steadily built a reputation as a top corporate location, with roughly 750,000 square feet of leases signed in recent years with notable companies relocating to the city, such as Steward Health, Goldman Sachs, Infosys and Raytheon.

Built between 1998 and 1999, the buildings received cosmetic renovations in 2017, according to Yardi Matrix information. The tenant roster includes Genpac, Texas Oncology and Pediatrix Medical Group.

A team from CBRE represented the sellers, while the debt team of Senior Vice President Greg Greene and Vice Presidents Scott Lewis and Matt Ballard arranged the financing on behalf the new owner.

At the beginning of the year, Pillar Commercial partnered with Ascent Real Estate Advisors to acquire another office asset in the city. The joint venture purchased a 121,420-square-foot building from a private family office.

 

Source: Commercial Property Executive

Designing Healthcare Spaces To Be More Inclusive

/in , /by

Humanizing healthcare environments can improve both patient and staff wellbeing and is an essential consideration in the design of healthcare spaces.

Often, though, hospital designs might cater to the needs of patients but overlook the need for a safe and rejuvenating workplace that serves its staff too.

A research report on the topic of Design Matters for Nurses: Hospital Design For Nurse Attraction And Retention (HASSELL with University of Melbourne, May 2016) states:

“Aesthetics and maintenance of a workplace serve as a daily reminder of the value their employees place on their work. Nurses have identified a number of environmental qualities that affect their daily work experience, including temperature, noise, odor and color, but the main factors were access to natural light and maintenance.”

The report also notes that nurses often complain about the general lack of space away from patient work.

“The underestimated value of staff may be more significant than hospital management perceives, commented Michaela Sheahan, senior design researcher at HASSELL in a recent comment piece for Indesign magazine. “But this can be rectified with a renewed focus on the hospital as a workplace, as well as a place to treat patients.”

For instance, creating comfortable areas for meal breaks could provide relief from the high-intensity work that hospital staff members have to face every day. Outdoor dining areas for staff members can bring about a sense of enjoyment around mealtimes, creating a substantial distinction between work and break areas.

Dedicated spaces for documentation tasks with proper ergonomic support could help reduce strain and fatigue. Even the inclusion of large windows that bring in natural lighting could help impact patient healing and staff wellbeing.

Another emerging trend is using biophilic design principles to craft a more soothing indoor experience. Think improved ventilation, acoustic comfort, enhanced natural lighting, external natural views and the use of natural materials, patterns and colours.

By humanizing healthcare spaces through biophilia there is potential to empower patients, aid recovery, reduce stress and improve the emotional wellbeing of staff, in turn creating a more helpful, healing environment.

A timely example is the Royal Adelaide Hospital, designed by Silver Thomas Hanley in a joint venture with DesignInc. Planned around landscaped courtyards, the hospital has been conceptualized as a park within a hospital.

Perhaps it is worth exploring the idea of design that caters to both the patient and members of staff within a healthcare facility. It is, after all, in a healthcare organization’s best interests to have a happy and healthy team who love coming in to work and are fully invested in their duties.

 

Source: Architecture & Design

The Dry Creek Medical Office Building In Englewood, Colorado, Acquired For $15.6M

/in /by

Broe Real Estate Group (BREG), a private real estate investment firm and affiliate of The Broe Group, headquartered in Denver, Colorado, confirmed the $15.6M acquisition of a 57,257 square foot medical pavilion located on 4.23 acres at 125 Inverness Drive East, Englewood, Colorado.

Constructed in 2000, the three-story multi-specialty medical building located in Arapahoe County is uniquely located proximate to four greater Denver area hospitals including Sky Ridge Medical Center (3.4 miles), Centennial Medical Plaza (2.3 miles), Medical Center of Aurora (7.5 miles) and Littleton Adventist Hospital (6.2 miles). The property is an attractive, off-campus medical office asset located in a well-established suburban office and residential hub within one of the fastest growing metropolitan regions in the United States.

“This acquisition is the latest example of our medical office building repositioning strategy,” says BREG CEO Doug Wells. “As a local operator, the BREG team is well-suited to address pending tenant roll and secure strong long-term occupancy. By investing significant capital in physical upgrades and leasing costs and executing a focused asset management program, we will ensure that our tenants can continue to deliver the needed medical services for Coloradans that live and work in south Denver’s rapidly growing region.”

The Dry Creek Medical Office Building marks BREG‘s fourth major MOB repositioning project in the past twelve months totaling nearly 540,000 square feet. Medical assets continue to play a major role in BREG’s Western United States acquisition strategy as it continues to assess opportunities with viable institutional medical exits.

Chris Bodnar and Lee Asher from CBRE Healthcare Capital Markets listed the property for sale.

“Market demand for non-hospital medical services is at an all-time high and Colorado’s population growth continues to exceed national growth rate. Dry Creek Medical Office Building is an institutional quality asset within a highly established, high growth market,” noted Chris Bodnar, CBRE Vice Chairman.

 

Source: Yahoo! Finance