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Author: Brian Butler

Rendina Healthcare Real Estate Forms Strategic Joint Venture with Artemis Real Estate Partners to Grow $1 Billion MOB Portfolio

Posted on by Brian Butler

Artemis Recapitalizes 6 Properties with Rendina to Seed New JV for Development and Acquisition of MOBs Nationwide

Newmark announces that it has arranged a strategic joint venture seeded by a national MOB portfolio recapitalization. Rendina Healthcare Real Estate “Rendina” is a leading, national medical office development and acquisition platform, fully integrated with development, ownership, management and leasing capabilities. A pioneer in the healthcare real estate development sector, Rendina has developed more than 8.5 million square feet during its 35-year history. This transaction marks an inflection point in the growth of the company as the firm partners with Artemis Real Estate Partners (“Artemis”), an institutional investment manager that focuses on equity and debt investments in healthcare real estate across the United States.

Rendina and Artemis have entered into a joint venture to develop and acquire a national portfolio of healthcare properties. The venture was seeded with the recapitalization of six properties developed by Rendina. The nearly 230,000 square foot portfolio spans four states, with concentration in the Northeast, and is leased to some of the leading healthcare systems and physician group practices in the country. The joint venture will immediately invest in an additional 140,000 square foot medical office development, followed by a near-term development and acquisition pipeline.

Newmark’s Healthcare Capital Markets Group represented Rendina on the portfolio recapitalization, advised Rendina and Artemis on establishing the joint venture, and secured the acquisition and development financing. The transaction was led by Newmark Executive Managing Director Ben Appel, Senior Managing Directors Jay Miele and Michael Greeley, Managing Director John Nero, and associates Ron Ott and Adam Goss of the firm’s National Healthcare Capital Markets Group.

More Coverage

Healthcare Real Estate Insights: Rendina and Artemis find a fit

Healthcare Real Estate Insights: Rendina Healthcare Real Estate Forms Strategic Joint Venture with Artemis Real Estate Partners

Rendina and Baptist Memorial Health Care Celebrate Groundbreaking on 38,000 SF Freestanding ER & MOB in Arlington, TN

Posted on by Brian Butler

Jupiter, Florida

Officials from Rendina Healthcare Real Estate (“Rendina”) and Baptist Memorial Health Care (“Baptist”) gathered recently to celebrate breaking ground on the site of a new 38,000-square-foot Freestanding Emergency Department (“FSED”) and Medical Office Building (“MOB”) in Arlington, Tenn. Rendina, a national, full-service developer of healthcare real estate, will own the building.

The site will include Baptist Medical Group primary care offices, a medical imaging center, and a freestanding emergency department that will be the first of its kind in Shelby County.

The eight-room freestanding ER is a department of Baptist Memorial Hospital-Memphis and will have laboratory, X-ray, ultrasound and CT services. The ER will be open 24 hours a day.

Baptist selected Rendina Healthcare Real Estate as the property developer in February 2021 and Flintco Construction for construction management and services. E4H is the architectural design firm for the facility.

Construction is set to end and Baptist Arlington Freestanding Emergency Department to open in late summer/early fall 2022.

For Third Consecutive Year, Rendina Named one of the Best Places to Work in Healthcare

Posted on by Brian Butler

Jupiter, Fla.

Rendina Healthcare Real Estate, a national leader in healthcare real estate development, has been selected by Modern Healthcare as one of the 2021 Best Places to Work in Healthcare. The award, which is based on an assessment process that includes employee surveys conducted by an independent third-party, recognizes outstanding employers in the healthcare industry nationwide. The complete list of this year’s winners, in alphabetical order, is available at ModernHealthcare.com/bestplaceslist. Modern Healthcare will publish a special supplement featuring a ranked list of all the winners along with the September 20 issue of MH.

“One year into the pandemic, we’ve seen the industry transform to meet the needs of its patients and employees,” said Aurora Aguilar, Modern Healthcare’s editor. “Time and time again, the most resilient and successful organizations show that empathy towards their staff, clear vision and compassion towards the patient buoys teams and sets them up for success. We congratulate the Best Places to Work in Healthcare for eliciting loyalty from their workforce and communities during harrowing times.”

This award program identifies and recognizes outstanding employers in the healthcare industry nationwide. Modern Healthcare partners with the Best Companies Group on the assessment process, which includes an extensive employee survey.

Modern Healthcare will announce the official rankings at the 2021 Best Places to Work in Healthcare awards gala taking place on September 16 at the Radisson Blu Aqua Hotel Chicago. Information on the award gala and conference is available at ModernHealthcare.com/BestPlacesGala.

Rendina Healthcare Real Estate Nominated for HREI Insights Award

Posted on by Brian Butler

JUPITER, Fla.

The Campbell Clinic Wolf River Clinic & Surgery Center has been named by Healthcare Real Estate Insights (HREI) Magazine as a finalist in their 2020 HREI Insights Awards. The 120,000-gross-squre-feet facility is competing as a finalist in the category of “MOBs and Outpatient Facilities larger than 100,000 square feet.”

Located at 7887 Wolf River Blvd. in Germantown, Tenn., the $33.7M facility was developed by Rendina and completed in June of 2020. The new facility builds upon The Campbell Clinic’s century-long reputation as a leader in orthopaedics. The project doubled the Clinic’s operating room capacity, offering 8 operating rooms and 2 procedures rooms, 12 pre-op beds, 20 post-op beds and 4 private post-op beds. The facility offers a state-of-the-art sports medicine component including a pool, hot tub and sauna – frequented by nearby sports teams such as the Memphis Grizzlies, and athletes from local colleges and high schools. The project also added 30,000 square feet of clinical space.

Visit the Campbell Clinic Project Page

HREI is the nation’s first and only print and digital magazine devoted to covering healthcare real estate development, financing and investment. The annual HREI Awards recognize facilities and individuals that represent high achievement in healthcare real estate development.

About Campbell Clinic

Campbell Clinic is recognized as a world leader in sports medicine, pediatric orthopaedics, joint replacement, orthopaedic oncology, physical medicine and rehabilitation, and surgery of the hand, hip, foot, knee, shoulder and spine. Their team of specialists is dedicated to the mission of providing unsurpassed patient care while continuing the clinic’s role as the leader in teaching and research in orthopaedic surgery.

Campbell Clinic’s medical staff continues its founder’s legacy as the organization continues to write, edit and publish the world’s preeminent text on orthopaedic surgery. The clinic treats more than 175,000 patients annually and pioneered locally the concept of urgent orthopaedic walk-in care. With more than 500 employees, 51 physicians, and a reach that touches patients in the Mid-South and around the world, the clinic casts its vision into the future through comprehensive training, ground-breaking research and innovation.

Campbell Clinic and Rendina Celebrate Grand Opening of 120,000 SF MOB

Posted on by Brian Butler

Germantown, Tennessee

Campbell Clinic is continuing its commitment to provide Germantown residents with world-class healthcare at the Clinic’s new Orthopedic Surgery Center, which is celebrating its grand opening.

The new, four-story, 120,000 square foot facility will assist Campbell Clinic in implementing an ambitious growth strategy and alleviate pressure on its existing Germantown surgery center that was operating at capacity. The center, developed by Rendina Healthcare Real Estate, will bring nearly 200 jobs to Germantown over the coming years.

The new state-of-the-art property includes an ambulatory surgery center with eight operating rooms, an outpatient orthopedic clinical space, and a cutting-edge physical therapy and sports performance area, known as the S. Terry Canale Family Performance and Wellness Center. This 11,000-square-foot wing of the new building was named after retired orthopaedic surgeon and former Chief of Staff, Terry Canale, MD. The sports medicine and physical therapy programs will provide service not only to residents, but also to athletes from the Memphis Redbirds, the Memphis Grizzlies, Memphis 901 FC and various universities and high schools.

Adjacent to the new surgery center is the Clinic’s recently renovated 60,000-square-foot medical office building, creating a fully modernized campus providing unmatched orthopaedic care. Rendina utilized its full-services development capabilities by managing all aspects of the design and approval process and oversaw construction of the new facility.

Rendina provided their full-services development capabilities by managing all aspects of the design and approval process and will also oversee construction of the new facility.

About Campbell Clinic

Campbell Clinic is recognized as a world leader in sports medicine, pediatric orthopaedics, joint replacement, orthopaedic oncology, physical medicine and rehabilitation, and surgery of the hand, hip, foot, knee, shoulder and spine. Their team of specialists is dedicated to the mission of providing unsurpassed patient care while continuing the clinic’s role as the leader in teaching and research in orthopaedic surgery.

Campbell Clinic’s medical staff continues its founder’s legacy as the organization continues to write, edit and publish the world’s preeminent text on orthopaedic surgery. The clinic treats more than 175,000 patients annually and pioneered locally the concept of urgent orthopaedic walk-in care. With more than 500 employees, 51 physicians, and a reach that touches patients in the Mid-South and around the world, the clinic casts its vision into the future through comprehensive training, ground-breaking research and innovation.

Rendina Named Modern Healthcare Best Place to Work for Second Straight Year

Posted on by Brian Butler

Jupiter, Fla.

Rendina Healthcare Real Estate, a national leader in healthcare real estate development, has been selected by Modern Healthcare as one of 2020’s Best Places to Work in Healthcare for a second straight year. The award recognizes the top 150 employers in the healthcare industry nationwide as rated by employee surveys conducted by an independent third party.

Modern Healthcare partners with Best Companies Group on the assessment process, which includes an extensive employee survey. Rendina also received the award in 2019.

Employee safety remained paramount for Rendina during the global COVID-19 crisis. Remote workstations were provided to employees as well as training for a variety of programs adopted to assist in virtual communication. As developers, owners, and property managers of healthcare real estate around the country, Rendina implemented an extensive cleaning protocol at its properties that exceeds CDC guidelines to ensure employees, clients and patients remain safe. In addition to a robust benefits package, Rendina provides employees ongoing education and training designed to advance skills and leadership abilities.

“It has been an especially trying year for the world, and healthcare in particular as COVID-19 ravages our communities and your workplaces,” said Modern Healthcare Editor Aurora Aguilar. “But the organizations recognized on this year’s list rose to the top and continued to be a source of strength for their teammates. They have seen their colleagues fall ill to the virus and struggled with the economic impact of the pandemic. The loyalty and trust between employers and their workers is being put to the test now more than ever. We congratulate the Best Places to Work in Healthcare for continuing to serve their workforce and communities during such an unprecedented time.”

Rendina Healthcare Real Estate will be honored at the 2020 Best Places to Work in Healthcare awards gala taking place virtually October 8 in conjunction with the publication’s Workplace of the Future Conference.

South University Signs Lease Extension at Flagship Location in West Palm Beach

Posted on by Brian Butler

West Palm Beach, Fla.

South University has been educating the public and shaping tomorrow’s leaders since the 19th century, and will continue to do so at their flagship location in West Palm Beach, Fla. South University recently signed a 10-year lease extension at 9801 and 9901 Belvedere Road. South University partnered with Rendina Real Estate Development to develop the 70,000 square foot campus in 2008. South University has maintained a presence in the West Palm Beach area for 30 years.

South University leases the entirety of both buildings, where they offer Associate, Bachelor, Master, and Doctoral Degrees in programs including Business Administration, Clinical Mental Health Counseling, Criminal Justice, Healthcare Administration, Healthcare Management, Nursing, Nursing RN to BSN, Nurse Practitioner, Occupational Therapy, Physical Therapy Assistant, Psychology and Public Health.

One of its core initiatives is addressing the continued surge in the demand for healthcare through their nursing program. South University’s decision to extend its lease at its West Palm Beach Campus is in support of its commitment to producing qualified professionals in the areas of Nurse Practitioner, Nursing, and Nursing RN.

In response to the COVID-19 pandemic, South University recently partnered with Mediaplanet in an effort to inspire more people to pursue a career in public health, which the Bureau of Labor Statistics predicts job growth of 11 percent by 2026. South University offers a Master’s in Public Health degree program as well as a Bachelor of Science in Public Health degree program, both online and on-campus.

“The West Palm Beach location continues to be one our most popular campuses for individuals seeking higher education to further their careers in their chosen designations,” said John Papp, Vice President of Finance at South University. “We are excited for the future of our students, faculty, and staff; and we remain steadfast in our continued commitment to the advancement of the West Palm Beach community.”

South University offers more than 40 accredited programs, both on campus and online, with concentrations including health and behavior sciences, business, legal and IT, with degree levels ranging from associate to doctorate.

Rendina Real Estate Development owns both buildings and provides comprehensive property management services for the Campus.

Rendina Selected to Develop 140,000 SF Medical Office Building in Portland, Oregon

Posted on by Brian Butler

Portland, Ore.

The first new medical office building development project in downtown Portland in 50 years is coming soon to the rapidly growing West End. The West End Medical Center at 12th & Taylor is designed to serve as the exemplary model of healthcare delivery in an urban setting. The new 140,000-square-foot facility will provide seven floors of custom-designed physician space, 8,000 square feet of ground floor retail space, and dedicated on-site parking.

This exciting development is in the heart of the West End as a response to the demand for additional “best of class” healthcare providers needed to serve the growing residential population. The Portland Clinic, a leading healthcare provider that has set the standard for medical care in Portland for nearly 100 years, will serve as the anchor tenant of the new facility. To support The Portland Clinic’s commitment to its patients and the Portland community, a host of services will be offered at the new location, including Primary Care, Internal Medicine, Cardiology, Orthopedics, Diabetes Care, Dermatology, Gynecology, Neurology, Rheumatology, and Urology.

Rendina Healthcare Real Estate was selected as developer by The Portland Clinic through a competitive RFP process.

The location of this Class A medical building will offer additional healthcare professionals the opportunity to provide crucial health care services in one of the fastest growing neighborhoods in Portland. Located two blocks away from the new Ritz Carlton (currently under construction), the West End Medical Center at 12th & Taylor will put many of the best local attractions within walking distance, including some of Portland’s most famous restaurants – Multnomah Whiskey Library, Jake’s Famous Crawfish, Tasty n’ Alder, Bamboo Sushi, Bistro Agnes – as well as the Multnomah Athletic Club, the Timbers’ soccer stadium at Providence Park, and dozens of retail storefronts.

The official address of West End Medical Center at 12th & Taylor will be 804 SW 12th Avenue, and the expected completion date is Summer 2023.

RCCH Healthcare Partners and Rendina Celebrate Groundbreaking that Expands New Hospital Campus

Posted on by Brian Butler

Florence, AL

As construction continues on the new North Alabama Medical Center (NAMC) hospital campus in Florence, RCCH Healthcare Partners and Rendina Healthcare Real Estate have broken ground on a nearly 72,000 square foot medical office building (MOB) that will be attached to the new hospital.

The MOB will house complementary services to those offered in the new 263-bed medical center, which will replace Eliza Coffee Memorial Hospital by the end of 2018. NAMC and North Alabama Bone & Joint Clinic (NABJC) – a leading orthopaedic group serving communities in Northern Alabama, Southern Tennessee, and Northeastern Mississippi – will anchor the office building.

NABJC’s orthopaedic surgeons, rehabilitation specialists and physical therapists will offer services including adult reconstructive surgery, sports medicine, hand and foot surgery, pediatrics, and fracture care. NAMC lab and imaging functions will also be in the MOB, along with obstetrics, gynecology and cardiology physician offices.

“This outpatient medical office building will be an important addition to our new hospital and will provide a convenient location for patients to visit their physician or obtain services,” said Russell Pigg, Chief Executive Officer of NAMC.

Rendina, a full-service developer of healthcare real estate headquartered in Jupiter, Fla., will own and manage the new medical office building.

“This facility will provide patients with a first-class location to receive the highest quality care in the region,” says Steve Barry, Executive Vice President with Rendina. “The direct connection to the new hospital will benefit both healthcare providers and patients.”

The replacement hospital broke ground in November 2016 on 25 acres of former residential properties in east Florence between Veterans Drive and Central Avenue, and Helton Drive and Enterprise Street.

During the initial construction phase of the new campus, physicians, nurses and hospital leaders were able to get a sneak peek of their future space through virtual reality tours setup by the project contractor, Layton Construction. Being virtually immersed in the space allowed hospital staff to recognize potential issues and make the appropriate design changes, ensuring the final product would optimize efficiency and patient flow.

RCCH continues to celebrate milestones during the construction process, including a topping out ceremony in July 2017, commemorating the placement of the highest steel beam which was signed by more than 2,000 people including board members, medical staff, construction crew members, and community leaders. Once completed, the hospital will centralize care in the community of Florence, providing a local option for patients seeking state-of-the-art, comprehensive treatment.

“At the end of this, there should be absolutely no reason anyone has to leave this area for care,” said Martin Rash, RCCH HealthCare Partners Chairman & CEO, who spoke during the topping out ceremony.

Rendina anticipates that the MOB opening will coincide with completion of the new hospital in late 2018.

Live Feed of Construction

RCCH Healthcare Partners

RCCH Healthcare Partners is headquartered in Brentwood, Tennessee. With 16 health systems in 12 states, they employ more than 14,000 people, including 2,000 physicians. Last year RCCH generated $1.7 billion in revenue across their locations in Alabama, Arizona, Arkansas, Idaho, Iowa, Montana, Ohio, Oklahoma, Oregon, South Carolina, Texas, and Washington.

For more information about RCCH Healthcare Partners, visit rendina.com

The Do’s and Don’ts of Selecting a Healthcare Development Site

Posted on by Brian Butler

Brian Cich, COO of Rendina, recently authored an article on helping healthcare organizations that are contemplating development plans in 2018. The article, “The do’s and don’ts of selecting a healthcare development site,” was published on January 11, 2018 on Becker’s Hospital Review’s website. The article can be read in full from the link below.

Click Here for the Full Article

DO: DETERMINE PRIORITIES

Many healthcare organizations engage a development partner at the early stages of a project to help them set criteria and evaluate properties with those considerations in mind. Most commonly, healthcare organizations set priorities related to location, lot size, cost and speed to market.

DO: CAREFULLY CONSIDER LOCATION

Often, the desire or need for a physical presence within a specific geography will drive a healthcare development forward. However, geographic constraints are rarely the only consideration when it comes to facility location. Among other important factors are: Visibility to potential patients, proximity to other healthcare access points,and convenience.

DON’T: SKIMP ON LOT SIZE

Ideally, you want a piece of property that can accommodate your development with little or no excess acreage. Unless there are plans for expansion, you should be careful not to over-purchase – thereby using capital that could be deployed elsewhere. However, under-purchasing creates a bigger challenge. When a site is too small, it may force you to adapt your development plan, sometimes to the extent of reducing programs or services if you are unable to make everything fit. Worse, you may have to start over and consider other sites, adding time and cost to the development process.

DO: CONSIDER BUDGET UP FRONT

Location, lot size, convenience and other site characteristics will all affect the price of a piece of property. It’s important to know up-front how much capital can be allotted for property so as to keep the overall project on budget.

Consider, too, that in most cases the overall difference between purchasing and ground leasing a property is minimal when you factor in the long-term lease expense. On the other hand, there can be a major cost difference between building from the ground up and retrofitting an existing building.

DON’T: UNDERESTIMATE REGULATORY HURDLES

Every property is unique. Some parcels of land may have issues that must be resolved before development can begin – such as zoning code changes, variances, or environmental remediation. Resolving such regulatory hurdles can be time consuming and may be enough to rule out a property if you want or need to move quickly toward project completion. Be sure to understand any potential regulatory hurdles before settling on a property so you can avoid any unnecessary delays or surprises.

Site selection and property development are complex issues with many factors to consider. Keeping these do’s and don’ts in mind can you begin an effective site search process.

© Copyright ASC COMMUNICATIONS 2018.