CRE advisors serve National Spine & Pain; locate buyers for leasable facilities
When a medical services center outgrows its facilities, finding a new leasing opportunity can be tricky. The company is usually at the mercy of whichever properties are available at any given time. No vacant properties, no lease. But that reality doesn’t stop one commercial real estate team that specializes in finding medical properties for client National Spine & Pain Centers (NSPC). The team employs a new strategy, one that has proven highly successful.
That team consists of SVN Commercial Advisory Group’s Gail Bowden, Senior Investment Advisor; and Mark Bower, Investment Advisor based out of the Tampa Bay Market. Rounding out the team are Craig Morris and Will Moore. Both Morris and Moore work out of SVN’s office in Newport Beach, California.
The SVN team currently oversees approximately 140 locations within NSPC’s real estate portfolio. As lease terms expire, SVN is tasked with either extending the expiring lease, renegotiating a new lease or sourcing an entirely new location for the client. The last of these scenarios often comes into play when NSPC has simply outgrown its existing location.
The interventional treatment centers are spread across the eastern United States, with 24 locations in Florida. These facilities usually require a substantial amount of specialized square footage. When there’s nothing available on the market for lease, the team members go into action. They locate a suitable property and find a third-party investor to buy the asset, then draft mutually agreeable lease terms between the buyer and NSPC.
It’s an unconventional strategy, but it’s worked well.
“NSPC’s business strategy is that they prefer to lease their sites and not own any real estate. Rather, they prefer to deploy capital to grow their network through physician practice acquisitions. So, everybody wins,” said Bowden, who specializes in medical real estate for the Sarasota-based brokerage. “NSPC can focus on their growth initiatives and the investor is motivated to buy the property knowing there’s a national company ready to execute a long-term lease.”
The team has been serving NSPC during the past couple of years. Bowden worked with the client in November 2021 on the acquisition and long-term lease of a large facility in Fort Myers, Fla., a new city for the network.
Then in March 2022, the team entered an agreement to manage all aspects of the client’s 500,000+ square-foot real estate portfolio. Services include the management of transactions, portfolio activity, acquisitions, locations prospecting, dispositions, leasing and M&A support.
“SVN Commercial Advisory Group and its sister office in Newport Beach are uniquely qualified for this kind of collaborative management of a national client,” said Bower.
“We have an extensive, national reach that gives us an edge,” he added. “Plus, there’s a strong cooperative aspect among the SVN offices. We have experts around the country eager to work together and do not view one another as competition – a major advantage when it comes to serving the client.”