10 Texas Medical Office Building Updates From The First Half Of 2023

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The market for medical office buildings has been booming this year, as investors and real estate managers have touted their stability and upside potential.

Here are 10 Texas medical office building updates from 2023:

  1. A 40,000-square-foot building in Stafford, Texas, that sits on 3.4 acres was sold.
  2.  Ground was broken on a 60,000-square-foot office, the Frisco Medical Pavillion II, set to open in 2024.
  3. A 31,247-square-foot medical office building in Plano, Texas, anchored by Dallas Neurological and Spine, was acquired by Montecito Medical.
  4. Wolf Capital Partners acquired the newly rebranded HeightsMED building, launching renovations that are expected to be complete in mid-2023.
  5. Big Sky Medical acquired a 110,465-square-foot medical office building with rentable space in El Paso, Texas.
  6. The Memorial Hermann Medical Plaza in Houston was awarded an Energy Star certification by the U.S. Environmental Protection Agency.
  7. Remedy Medical Properties and Medical Facilities Holdings completed a 59,741-square-foot medical office building in San Antonio, Texas, that is anchored by a Physician Surgical Network Affiliates ASC.
  8. An 82,328-square-foot Methodist Southlake (Texas) medical office building outside of Fort Worth, Texas, attached to a Methodist hospital sold.
  9. The 61,660-square-foot medical office building the Medical Center of Tomball (Texas) has been purchased for $24.6 million.
  10. Two Texas residents are in custody for burning down a three-story medical office building under construction in Spring, Texas.

 

Source: Becker’s ASC Review

Economic Impact Study Reports Nashville Health Care As A $68 Billion Industry

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Music City remains Health Care City, an industry that has grown by more than $1 billion in just three years.

Nashville health care is now a $67.91 billion industry annually, according to an economic impact study released today by the Nashville Health Care Council in partnership with the Business and Economic Research Center at Middle Tennessee State University.

The report found that the health care industry remains the city’s No. 1 employer, with one in every 12 occupations in Nashville being in the health care sector. In 2022, the health care sector was responsible for nearly 332,305 jobs.

Though the local health care industry has continued an upward trend since the pandemic, workforce shortages have continued to be the industry’s biggest challenge.

Despite these challenges, the Nashville health care industry is outperforming many of its peer cities. According to the study, Nashville ranks second among a group of 13 peercities in terms of the number of major health care companies, their revenues and their employment. Dallas comes in at No. 1.

The number of member companies on the council is up 13.92% since 2019, according to the study. The industry’s growth can also be seen through many recently announced multimillion dollar projects, such as Maury Regional Health’s expansion project and Tennessee Oncology’s new medical office building.

 

Source: Nashville Biz Journal

$138.5 Million Upgrade Underway At UT Southwestern Medical Center’s Zale Lipshy Pavilion

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When UT Southwestern Medical Center began planning renovations on its Zale Lipshy Pavilion, wheelchair-using patients took designers on a tour of the 35-year-old building’s obstacles and inconveniences.

Improving accessibility is a key driver of the Dallas hospital’s $138.5 million renovation that focuses on musculoskeletal care and rehabilitation, said Chris Rubio, chief operating officer and interim CEO of William P. Clements Jr. University Hospital at UT Southwestern.

“Everybody was extremely happy to help and eager to participate in a redesign,” Rubio said. “There’s been a lot of thought and work put into how we want to support our rehabilitation program and patients.”

Work on the building, which just began, is planned to last 18 months. Renovations will update bathrooms to meet current accessibility standards, improve flow throughput spaces, provide new rehab gym equipment and upgrade plumbing, electrical, HVAC systems and other infrastructure.

The number of beds will expand from 74 to around 130. Additional beds will accommodate general patients as well as rehab patients, expanding the capabilities of nearby UT Southwestern’s Clements University Hospital.

Operating rooms will be made significantly bigger than when they were designed in 1987, Rubio said, and will have updated HVAC systems, equipment and lighting.

“Physicians will have a much better facility to take care of their patients,” Rubio said. “We’re doing a lot of work to improve the flow of the hospital and putting that rehab musculoskeletal aspect of this building at front-of-mind as we’ve been working through design.”

Most patient care and operations should continue as usual throughout the renovations.

“We’ve got a very, very extensive plan that we’ve worked out with our clinical leaders and administrative team,” Rubio said. “We’re fortunate because the hospital is not full. We can take down whole floors and it’s not going to impact daily operations very much.”

While operating rooms undergo construction, orthopedic and spinal surgery patients will be treated at Clements University Hospital.

“ The renovations will also augment the hospital’s teaching and research efforts,” Rubio said. “It’s very important to have an academic-based program that really is leading, not just in patient care, but how we educate and do research in these areas. All of this space will support those functions.”

The University of Texas Board of Regents approved $128.5 million in bonds for the project to go along with $10 million of institutional funds.

 

Source: Dallas Morning News