In 2012 Remedy acquired this two-story, 23,270 square foot medical office building in the fast-growing Birmingham suburb of Trussville, AL. At the time of acquisition, the building was leased by two dominant health systems, including CHS’s Trinity Medical Center. The building is now 100% long-term leased to CHS’s Grandview Health primary care, internal medicine, and cardiology clinics.

Once Remedy took possession of the building, it noticed the water bill was drastically out of line with the size of the building—at a scale that would be expected for one million square feet. Remedy reviewed the account and determined that water usage was extraordinarily high, but that the water was not reaching the building. A survey of the property discovered a pipe leak beneath the parking lot. The leak was fixed, reducing the water bill from ~$156,000 per year to ~$3,200 per year, while Remedy negotiated a six-figure refund from the County for overpayment. This issue went unchecked for years under previous management until Remedy took a deep dive to solve the issue.

This multi-tenant, Class-A property is located near a high-visibility exit on I-64 (the main east-west thoroughfare through St. Louis) in Chesterfield, one of the MSA’s most affluent suburbs. Directly south of the property is Chesterfield Commons, a 2 million square foot shopping center that drives traffic to the area. The building’s diverse tenant mix of orthopedic, physical therapy, plastic surgery, reproductive health, oral surgery, and neurobehavioral practices creates substantial patient volume and a referral network between tenants.

After Remedy acquired the building, its property management team got to work optimizing operations by re-scoping and re-bidding all building service contracts, enhancing the energy management system for greater programmable control over HVAC and lighting, and fairly allocating the tenant work order requests. As a result, Remedy was able to reduce tenant operating expenses by $31,500 per year. Additionally, Remedy aggressively appealed tax assessments, reducing taxes $160,000 per year compared to projections.

With a 40-year history and 45 physicians, Wellmont CVA Heart Institute is nationally ranked in cardiac medicine and is the Tri-Cities’ largest and most experienced group of heart and vascular experts. Its Kingsport, TN, location draws patients from a 50-mile radius, of which approximately 21% (192,000 residents) are above the age of 65. The practice has approximately 85,000 active patients and serves more than 300 patients a day in its heart rehab center. The 57,512 square foot facility features six echocardiography bays, four nuclear stress tests, and a PET scanner.

Wellmont Health System merged with Mountain States Health Alliance in 2018 to form Ballad Health. Remedy acquired the building from a group of physician investors, some of whom were leaving the practice. By divesting their real estate holdings, the physicians gained career options and flexibility. As property manager, Remedy oversaw a full roof replacement and HVAC repair. The practice appreciates not having to focus on building operations so its physicians can concentrate on saving lives.