NexCore Group Finalizes Lease with National Hand Surgery Practice
Improving Medical Real Estate Market and Social Media Networking Facilitate Lease Deal
Denver, CO (Vocus) July 29, 2010
Leasing activity in the medical office market is on the rise again due to the improving economy. National real estate investment services firms are also predicting that the recently enacted Health Care Reform legislation will stimulate demand for existing medical office space in both the short-and long-term. As a result, the national medical office vacancy rate is expected to drop below 12% in 2010 and below 11.0% by 2012.
NexCore Group, a leading national healthcare real estate (http://www. nexcoregroup. com) firm, sees evidence of this leasing upswing in Denver, CO, where the firm is headquartered. “Leasing activity undoubtedly slowed for a year or so after the economic crash in 2008,” says Greg Venn, President & CEO of NexCore. “But since then we’ve seen improvement in the market, and over the last 12 months our firm has leased 51,000 square feet at three of our Denver properties. Our lease with Surgeon’s Management is the largest and most recent of those deals.”
Surgeon’s Management, Inc. signed a lease last week for 20,000 square feet of surgery center space at NexCore’s Dry Creek Medical Campus (http://www. nexcoregroup. com/project/DryCreekMedicalCampus) in Englewood, CO, an affluent suburb of Denver. Surgeon’s Management is a national surgery practice headquartered in Houston, TX, that specializes in the treatment of hands, wrists, arms, and shoulders, with an emphasis on treating carpal tunnel syndrome.
NexCore’s previous tenant in the Dry Creek surgery center closed its doors in early 2009 because of the economic downturn. Courtney Hanfland, Vice President of Leasing and Asset Management at NexCore, spent several months working diligently to retenant the surgery center using mostly traditional marketing methods, such as real estate listing services, direct mail campaigns, and email campaigns. To Hanfland’s surprise, it was the social media networking site LinkedIn (http://www. linkedin. com/companies/nexcore-group) that finally produced the lead that brought NexCore and Surgeon’s Management together.
“Because Dry Creek Surgery Center is located in a market saturated with outpatient ASCs, we explored multiple avenues to retenant the asset,” says Hanfland. “In this particular case, it was social media networking that helped us find the ‘needle in a haystack.’ We are excited to welcome Surgeon’s Management to Denver and to have this specialized concept in our building.”
Surgeon’s Management, which has locations in Houston, Dallas, Austin, Phoenix, and Las Vegas, is on a mission to expand its geographic reach, specifically to high-end suburban markets of major metropolitan cities. “After working closely with NexCore for 10 months and completing our due diligence process,” says Ro Jackson, Vice President of Development at Surgeon’s Management, “we chose to open a clinic and surgery center at the Dry Creek Medical Campus in south Denver because of the area’s strong demographics, high traffic counts, and stable economic forecast, and also because NexCore was able to put together a deal that was competitive in both the local and national markets.”
The deal with Surgeon’s Management has allowed NexCore to preserve the intended purpose of Dry Creek Medical Campus as an off-campus, ambulatory care destination for south Denver and has also relieved the previous surgery center tenant of its 6-year lease obligation.
For more information about medical office leasing (http://www. nexcoregroup. com/services/leasing) opportunities at NexCore Group, contact Courtney Hanfland at 303.244.0724.
About NexCore Group
NexCore Group delivers comprehensive healthcare real estate solutions for hospitals, healthcare systems, and physician partners across the U. S. NexCore and its principals have developed and acquired over 4.8 million square feet of facilities and currently own and manage nearly 1.8 million square feet of healthcare facilities, including 500,00 square feet in planning and feasibility across the country. NexCore is headquartered in Denver, Colorado, with offices in Chicago, Illinois, and Bethesda, Maryland. For more information, please visit NexCore online at www. nexcoregroup. com.
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