This Will Impact Florida Healthcare For Years To Come

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Advancements in technology, changes in legislation and the expansion of ambulatory care are changing the face of healthcare across the U.S.

Florida’s healthcare industry is experiencing a major shift as real estate prices rise and proposals for new facilities continue to pop up since the elimination of the Certificate of Need rules. Healthcare industry leaders will discuss these issues at Bisnow’s upcoming South Florida Healthcare Real Estate Event on Aug. 8.

As of July 1, Florida healthcare facilities are no longer required to obtain a Certificate of Need from the state before beginning construction. Jackson Health System Chief Operating Officer and Executive Vice President Don Steigman says he has already seen the impact on construction.

“There has already been a plethora of planned expansion in the ambulatory arena,” Steigman said. “Hospitals, physician practice groups and other healthcare providers have begun placing a greater emphasis on the outpatient side of care, giving communities access to free-standing emergency rooms, urgent care centers and group practices.”

Bisnow spoke to Steigman to learn more about what this change means for the future of healthcare in Florida and to get a preview of what he will be speaking about at Bisnow’s South Florida Healthcare Real Estate event.

Bisnow: Why is Bisnow’s upcoming South Florida Healthcare Real Estate event so important to you and what will you be speaking about?

Don Steigman: Since the elimination of the Certificate of Need rules, hospitals can be opened in Florida without the state having to approve the need for new hospitals. These healthcare facilities will still go through a licensing process, but they won’t have to prove that there’s a need in a community to build a facility.  This is a huge change that will impact the landscape of healthcare real estate in Florida for years to come.

Bisnow: Can you tell me a bit about what you do at Jackson Health System?

Steigman: I’m the chief operating officer for Jackson Health System. I’m responsible for the day-to-day operations of our hospitals, support services and ambulatory services, including our outpatient facilities and urgent care centers. Additionally, I’m responsible for the strategic growth of our operations.

Bisnow: What is the most pressing issue currently impacting healthcare real estate in South Florida?

Steigman: Right now, I believe it’s the challenges that come with aligning the real estate values in South Florida with the income that will be produced by these new healthcare enterprises. There are tremendous economic pressures placed on healthcare facilities and these pressures, combined with rising real estate value in South Florida, are limiting the feasibility of some proposed new healthcare projects.  On a more positive note, the healthcare real estate market is growing throughout all of Florida and I believe there will be many opportunities for new ambulatory healthcare facilities to open in cities across the state.

Bisnow: Outside of your work, what are you most passionate about?

Steigman: When I’m not working, I enjoy reading, running and going on hikes. I’m also on the board of my local chapter of The Liver Foundation.

 

Source: Bisnow

$7.9M Medical Office Building Set For The Clearfork West Development In SW Fort Worth, Texas

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In the first ground-up project for its tenant partnership program, SkyWalker Property Partners has started site work on a $7.9-million medical office building on the last commercial tract in the Edwards family’s Clearfork West development in southwest Fort Worth.

Edwards Ranch Medical Building rendering (CREDIT: MICHAEL JESTER)

SkyWalker Property is developing the 20,200-square foot project at 5612 Edwards Ranch Rd. for its fund, When Opportunity Knocks LLC. Dr. Nathan Lesley, a orthopedic hand surgeon based in Fort Worth, has leased 50% of the two-story building and invested in the project. The 10,100-square foot balance is available for lease.

The as-yet unnamed project will be situated within a short drive of the Fort Worth medical district, where Lesley has his current office in the Fort Worth Hand Center. The 1.8-acre site also is close to Chisholm Trail Parkway and Interstates 20, 30 and 35.

“We had been searching a long time for a building to buy and renovate. Development seemed to be the quickest and best way to meet Dr. Lesley’s expansion needs,” said Gary Walker, founder and president of Arlington-based SkyWalker Property Partners. “When you can’t find what you want, you start to think ‘where would you want to build.’ We were fortunate to be able to acquire this site, which is an ideal location for his expanding practice.”

The medical office building will be completed in Q1 2020. Prim Construction LLC of Fort Worth is the general contractor. The local architect is 97w, a collaborative design firm. Frost Bank is the project lender. Walker‘s longtime colleagues Theron Bryant and Casey Tounget of Transwestern have been retained to lease the 10,100 square foot of available first-floor medical/general office space. Lesley has signed a 10-year lease for the entire second level to house his practice and full-service physical therapy clinic, The Hand & Upper Extremity Institute.

“Unfortunately, health-care costs continue to rise. With SkyWalker’s help, The Hand and Upper Extremity Institute will have the ability to offer comprehensive care from the initial patient visit through surgical procedures and physical therapy, if necessary,” Lesley said. “This will allow us to manage costs while continuing our mission of providing exceptional care to every patient, every time.”

The developer of record, I Can See Clear Fork Now LLC, is a single-purpose entity of SkyWalker‘s co-investment program, which requires a five- to 10-year lease commitment. Under the tenant partnership agreement, SkyWalker Property will build and provide leasing services until occupancy stabilization is achieved.

“This investment strategy was always intended to be a flexible facilitator of user/tenant needs. We’ve taken it to the next level with this ground-up project,” Walker explains. “And, we’re optimistic the future holds more tenant partnerships.”

Source: Fort Worth Business Press

 

 

New Two-Building, 138,000-Square-Foot Office Project Underway In Flower Mound

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A two-building office project is underway in Flower Mound’s southern sector.

Realty Capital and Staubach Capital have teamed up to build Lakeside International Office Center, a two-building property along International Parkway near the north entrance of Dallas Fort Worth International Airport.
(RENDERING: COURTESY OF JLL)

Realty Capital and Staubach Capital have teamed up to build Lakeside International Office Center, a 138,000-square-foot property at International Parkway and Lakeside Parkway near the north entrance of Dallas Fort Worth International Airport.

“Flower Mound has established itself as an attractive area for new residents and businesses with a growing number of shops, restaurants, entertainment and residential options in the Lakeside mixed-use community,” said Jeff Staubach, founding partner of Staubach Capital, in a prepared statement.  “Lakeside International Office Center will be the first of its kind in this part of the metroplex, providing a premium office experience with top-of-class amenities.”

The first tenant to pre-lease space in the office center is IntelliCentrics, according to JLL, which will handle marketing and leasing for the property, and also represented IntelliCentrics in the transaction.

IntelliCentrics, a Flower Mound health care technology company, signed on for 30,000-square-feet of space on the fourth floor of one of the new buildings. One building will encompass 120,000-square-feet of office space across four floors and the other will have two floors totalling 18,000 square feet.

“I am extremely excited for IntelliCentrics’ world-wide headquarters to locate in the Lakeside development in Flower Mound, and as a 22-year resident of Flower Mound I feel the vision is perfect for sustained growth benefiting both residents and commercial tenants,” said Mike Sheehan, CEO of IntelliCentrics, in a prepared statement.

The City of Flower Mound offered an “aggressive incentive package” to help Realty Capital obtain the debt financing needed for the project, according to a release from JLL.

“Without the incentive agreement, we wouldn’t have been able to obtain the financing to build the project on a speculative nature, said Realty Capital’s Jimmy Archie in a prepared statement. “Once we were able to obtain the financing and announce the project to the market, our first tenant showed up to lease a portion of the project prior to us breaking ground.”

BOKA Powell is the architecture firm behind the project, and Muckleroy and Falls is the general contractor. Construction on the buildings began this week, and they are expected to deliver in Q3 of 2020.

 

Source: Dallas Business Journals