NexCore Group, a national healthcare real estate (HRE) developer, started construction of more square feet of outpatient medical space than any other developer last year.
That’s according to the newly released Outpatient Healthcare Real Estate Development Report from the Arnold, Md.-based research firm Revista.
On the basis of total square footage, NexCore Group took the top spot in the “Projects Started” category with six projects totaling 301,331 square feet. The Denver-based developer also placed third overall in HRE “Projects Started or Completed” for 2017, with seven projects totaling 364,620 square feet.
This isn’t the first time NexCore has ranked highly in the survey. In 2016, the developer completed five outpatient medical buildings comprising 397,900 square feet, with a total construction value of about $146 million, earning it the top spot in “Projects Started or Completed” in last year’s report.
Todd Varney, NexCore Managing Principal, says the firm is proud to be recognized by Revista for its national leadership in outpatient HRE development.
“NexCore had another outstanding year as we continued our quest to collaborate with our healthcare partners to provide the creative and innovative facilities they need to meet today’s industry challenges,” he says.
“We are indeed honored to be recognized once again in this important national report for our hard work, and we congratulate the clients and partners who are working right alongside us to develop these quality facilities.”
The second annual Revista Outpatient HRE Development Report, developed by HRE research firm Revista in collaboration with Healthcare Real Estate Insights (HREI) magazine, is the sector’s most comprehensive, accurate source of data for the development of MOBs and other outpatient facilities.
The newly released survey measured medical office and other outpatient developments that were started or completed in 2017. Revista, in collaboration with HREI, developed a questionnaire that collected data on all U.S. outpatient HRE development projects started or completed in 2017 that exceeded $2.5 million in value and that included at least 5,000 square feet of new or renovated space. Data was gathered on the basis of 25 voluntary surveys completed by developers, as well data collected on another 125 companies – all of which was then independently verified by Revista. A total of 34.2 million square feet of outpatient real estate was started or completed in 2017.
The projects NexCore started in 2017 were:
< a three-building outpatient campus totaling 174,778 square feet for Summit Healthcare Regional Medical Center (SHRMC) in Show Low, Ariz., which broke ground in November 2017; and
< three micro-hospital medical office building projects totaling 126,553 square feet for Oklahoma City-based Integris Health and micro-hospital operator Emerus, which also broke ground in November 2017.
In addition, NexCore completed the 63,289 square foot Women’s Care Florida Women’s Health Center Medical Office Building in Tampa, Fla., in November 2017.
HREI magazine is featuring highlights from the survey in the cover story of its March edition, which is now available. To read the cover story, please click here or visit HREInsights.com. The full outpatient medical real estate report is available exclusively to Revista subscribers. Please contact Mike Hargrave at 443-949-8794 or mike@revistamed.com for more information or to subscribe.