CHICAGO and MOUNT PLEASANT, S.C., Oct. 29, 2020 – A medical office building (MOB) developed by Remedy Medical Properties has been named a finalist in the 2020 HREI Insights Awards™, an annual, national awards program that recognizes excellence in healthcare real estate development and executive leadership.
Peter Westmeyer, CEO of Chicago-based Remedy, announced today that The Southeastern Spine Institute – Tenet Healthcare (SSI), a three-story, 71,000-square-foot ambulatory care and surgery center in Mount Pleasant, S.C., has been selected as a finalist in the “Best New Development, MOBs and Other Outpatient Facilities, 50,000 to 99,999 square feet” category.
“Our team is very proud to receive such esteemed recognition from HREI™ magazine for this outstanding healthcare real estate development,” Mr. Westmeyer says. “The Southeastern Spine Institute – Tenet Healthcare project came to fruition because of a unique, proactive and creative approach between the health system, physicians and real estate partner and their desire to achieve alignment. It is very gratifying to have that collaborative effort honored by such a prestigious national awards program.”
SSI, the largest medical practice in South Carolina specializing in spinal and orthopedic care, initially approached Remedy in 2018. The practice needed a new facility to both consolidate and expand its ambulatory surgery, imaging and diagnostic services in the Mount Pleasant submarket of Charleston. SSI had outgrown two original custom-built Class A medical facilities it owned.
Remedy not only developed the new facility and assisted with the transfer of its Certificate of Need (CON) from one of the prior locations, but it was also able to provide an ideal solution via an inventive sale-leaseback transaction that allowed SSI to vacate those existing buildings upon completion of the new MOB. In addition, Remedy was able to secure a new tenant for one of the former buildings, as well as facilitate a collaborative and strategic location for the new MOB at Tenet East Cooper Medical Center’s hospital campus. Aligned in the new location are SSI, its surgical partner USPI and the hospital, with each entity able to design and execute its own leases within the new building.
When SSI opened its doors at 1625 Hospital Drive in February 2020, patients were able to experience a dynamic facility that combines the expertise of three leading healthcare providers with modern office space, procedure rooms, an MRI and imaging room, a physical therapy suite, a sterile processing center, and an ambulatory surgery center. Along with all of the other benefits realized during the two-year development process, SSI now also enjoys 30 percent more space than it had before to grow its thriving practice.
Speaking of Remedy’s pivotal role in the SSI-Tenet Healthcare success story, Mr. Westmeyer notes the importance of viewing the project in terms of the physician alignment trends of today.
“After years of consolidation and acquisition of private practices, the availability of remaining independent practices is dwindling in many markets,” Mr. Westmeyer notes. “When the well runs dry, health systems and physicians must diversify and move beyond the traditional approach to acquisition and recruitment, being especially careful to avoid the stumbling blocks inherent in the real estate intricacies of the deal. Remedy strives every day to use innovation, expertise and flexibility to overcome such obstacles, and the SSI-Tenet development embodies the successful execution of that strategy to achieve an excellent outcome.”
Remedy Medical Properties is a full-service healthcare real estate company and the largest owner of healthcare properties in the country, with over 26 million square feet and 25 offices spanning 43 states. For healthcare decision-makers who want to maximize the value of their real estate while enhancing their ability to adapt, our national presence enables us to offer the right solutions in the right locations for your organization. Remedy offers unmatched flexibility in every client engagement, and our adaptability enables us to provide more options in ownership, development, leasing, management, and strategy. Our willingness to commit capital, share more risk, and offer greater foresight results in greater resilience, profitability, and peace of mind for our clients.
Founded in 2003, HREI™ (Healthcare Real Estate Insights) is the nation’s first and only print and digital media organization entirely devoted to covering healthcare real estate (HRE) development, financing, and investment. Now in their eighth year, the HREI Insights Awards™ are the first and only national awards dedicated to recognizing excellence in the areas of HRE development and executive leadership. The winners of the 2020 HREI Insights Awards will be announced in early December. For more information on the awards, please visit HREInsights.com.