patients visibility, parking and convenience next to other amenities,” she says.
Developers, too, are increasingly focused
on supporting patient-centered design for
providers. One of HSA PrimeCare’s key
projects, for example, Froedtert & the
Medical College of Wisconsin Drexel Town
Square Health Center in Oak Creek, WI,
south of Milwaukee, is a new primary and
specialty health care center, developed by
HSA PrimeCare. The 109,000-square-foot
space with a 425-space parking garage
recently opened its doors and offers family
and pediatric medicine, obstetrics and
gynecology, urgent care and specialty care
including dermatology, orthopedics and
sports medicine, neurology, plastic surgery
and eight more specialties. There will also
be an outpatient surgery center, cancer
center, pharmacy and lab services.
Its location in a residential area also creates a close-to-home option for patients.
The combination of services is meant to be
a one-stop shop for patients. As an added
benefit, hospital staff benefit from this cen-
tralized location with nearby restaurants,
shops and a newly built library and city
hall. As Wilson explains, “HSA PrimeCare
takes the patient focus into account when
working with MOB providers by mapping
out a proposed clinic’s expected customer
base, and then calculating parking ratios,
access routes and visibility.”
In addition, he says, “dual-access exam
rooms support the thoughtful design with
an area designed with an oval-shaped
shared workspace for hospital staff and doctors, surrounding that area are the exam
rooms and the outer-most layer where
patients check-in. Patients head directly to
the exam room through one door, and
then doctors enter through the second
door. This design cuts down on wait times,
and provides an uninterrupted workspace
for staff and allows doctors to discuss work.”
INVESTORS PLACE THEIR BETS
On the capital side, it is increasingly flowing
to MOBs, says the JLL healthcare report.
“With fundamentals that are more cycle- T:7”
resistant than other, more traditional property sectors, investors are doubling down
on this class of buildings for its stability and
bright prospects for continuing strong performance. There’s a compelling case for
continued capital interest.”
Tellefson, a lender, says that this year has
been his company’s “most robust”—he
anticipates even more growth in transactions and development in the near future.
Several years ago, he says, the landscape
largely consisted of REITs and private investors, but that a relatively recent aspect of
the medical office segment is the institutional capital that continues to flow into the
space. “Investors are looking to purchase
core assets, both larger, diversified portfolios as well as single assets and smaller portfolios with occupancy and NOI growth.”
Investors are also looking to place capital in facilities occupied by financially
strong healthcare practices, Talbot adds.
“I see investors spending more time reviewing financial statements, interviewing the
providers/principals of a practice and
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NOVEMBER/DECEMBER 2018 REAL ESTATE FORUM 27