Senior Helpers, a major provider of in-home senior care services, has launched a nationwide franchise concept called Senior Helpers Town Square.

The concept involves the adaptive reuse of older commercial properties being transformed into specialized treatment centers for dementia. The spaces evoke an earlier period in a dementia patient’s life. Namely, midcentury America. Toward that end, the George G. Glenner Alzheimer’s Family Centers created the prototype Town Square in Chula Vista, California, in partnership with the San Diego Opera Scenic Studio. The development, which opened this summer, occupies 9K SF of otherwise unremarkable warehouse space on the town’s Main Street.

Though named Town Square, the development is not a conventional mixed-use development. Rather, it is an indoor, simulated urban environment that employs reminiscence therapy — which uses tangible prompts from an individual’s past to help elicit more long-term memories, reduce anxiety and improve mood and sleep quality in those with dementia.

Each Senior Helpers Town Square location will feature a highly structured, midcentury “town” built around distinctive vignettes that resemble the time period when most participants (now in their 70s and 80s) were young adults, including such re-creations as a 1950s-era diner, movie theater, library and hair salon, all arranged around a central green.

Participants could be served hot lunch at an authentic 1950s-style diner, see a black-and-white film at the movie theater, play pool, get their hair styled at the on-site salon or tinker with a 1959 Ford Thunderbird at the service station. Participants are placed in interest groups of five people and rotate through the areas very much like someone rotating classes in high school or college, spending 45 to 50 minutes in each area.

“The initial response to Senior Helpers Town Square has been overwhelmingly positive, and we hope to have 100 Senior Helpers Town Square locations operating all across the U.S. within the next three years,” Senior Helper CEO Peter Ross said.

A second location is under construction near Baltimore in a former Rite Aid in White Marsh, Maryland, Citylab reports. Senior Helpers will own that facility, which will open in early 2019. A third location is planned for the Chicago area.

Presumably, future versions of Town Square would evoke later decades, and according to Glenner, its partnership with the San Diego Opera Scenic Studio will enable it to update the areas as time passes.

Source: Bisnow

Health care real estate investment trust Welltower just sold two of its medical buildings in Broward to Abraham Shaulson’s Millennium Management for $29.2 million.

In two separate deals, Welltower sold the Manorcare Health Services nursing care facility at 6931 West Sunrise Boulevard in Plantation for $14.2 million, and the Heartland of Tamarac nursing home at 5901 Northwest 79th Avenue for $15.4 million.

The sale of the 45,942-square-foot Manorcare facility breaks down to about $310 per square foot. It features 120 beds. The 75,552-square-foot Heartland of Tamarac facility sold for about $200 per square foot and features 151 beds. Both were built in the 1980’s.

Miami-based Millennium operates scores of nursing homes throughout the United States. In 2016, it paid $15 million for a psychiatric campus in Hialeah.

Source: The Real Deal

Mergers among healthcare companies and providers has been a driving force behind changes in the industry and how physicians interact with patients, according to a Marcus & Millichap Medical Office National Report.

According to the report, emerging technologies and a shift in the care delivery model are spilling over into the development of medical offices. A rise in outpatient services and procedures has encouraged medical office development in off-campus locations over the past few years. Hospitals and medical providers seek to place offices in neighborhoods and suburban areas, closer to where people live and work, in order to reduce costs and appeal to patients seeking medical care. While these factors bode well for today’s medical office market, the industry still faces numerous challenges as an aging population is met with a physician shortage, rising healthcare costs and insurance reform uncertainty. Despite these challenges, patient demand for services remains strong and will continue to drive further expansion and growth in the medical office building sector.

Source: Marcus & Millichap

A clinical trial for an innovative bioelectronic device to treat patients with rheumatoid arthritis is now underway at Memorial Healthcare System headquartered in Hollywood.

“Our neurosurgery team was the first in the country to implant the SetPoint Medical device in this multicenter national trial,” said Dr. Heather Spader, director of pediatric neurosurgery research at Memorial’s Joe DiMaggio Children’s Hospital across from Memorial Regional Hospital. “It delivers targeted electrical pulses to the vagus nerve that triggers the body’s biological response, creating a systemic pain-fighting effect. Early clinical data suggests this therapy is well tolerated, and we hope it may help people suffering from rheumatoid arthritis where other treatment protocols have been unsuccessful.”

The SetPoint phase I and II clinical trial, which began in May and is still enrolling adult participants, is among the dozens of research studies now underway at Memorial Healthcare System.

“We started our research program seven years ago in oncology, and now have more than 100 physicians in about 36 specialties involved in clinical trials from the treatment of strokes to minimally invasive surgery to immunotherapy for cancer patients,” said Dr. Candice Sareli, chief medical research officer. “Along with the trials, we plan to expand our own investigator-driven research, providing participants with even more opportunities to access medications and devices at an early stage.”

In addition, Memorial has partnered with Moffitt Cancer Center in Tampa to establish a Malignant Hematology & Cellular Therapy program, providing advanced bone and marrow cellular transplant care to leukemia and lymphoma patients.

As one of the largest public healthcare systems in the country, Memorial is a vital contributor to Hollywood’s economy, while bringing national attention to the south Broward community as a hub for healthcare innovation and medical research.

“Memorial’s leading-edge, high-quality patient care is a major asset to everyone in our region,” said Gus Zambrano, assistant city manager for sustainable development for the city of Hollywood. “Today, Memorial is also an important center for medical research, attracting talented healthcare professionals to our community.”

The city’s strategic plan reflects the importance of the healthcare sector, which constitutes about 19 percent of Hollywood’s economy, according to Zambrano. “Memorial is a critical asset as we focus on growing this vital sector,” he said.

Based in the city of Hollywood since its inception in 1953, Memorial Healthcare System and its facilities have been nationally recognized for providing high-quality care, and being one of the “best workplaces” in the country. The American Hospital Association selected Memorial from more than 5,000 U.S. hospitals as the national model for improving the health of the community, and American Essential Hospitals honored Memorial with the 2017 Gage Award for Population Health.

Memorial is also a growing academic center, with medical residency programs in physical medicine and rehabilitation, internal medicine and pediatrics. Future residency programs will include psychiatry, neurology, general surgery, obstetrics and gynecology, and emergency medicine.

In keeping with its mission, Memorial will continue to build its research program with a growing number of trials like the nerve stimulator for rheumatoid arthritis. “This device is more advanced and easier to maintain than prior stimulators,” said Spader. “Our hope is that this will reduce inflammation and allow patients to reduce the number of medications they are now taking for arthritis.”

Other research studies now underway at Memorial include using a device to lower the blood pressure for patients whose hearts are failing, and innovative clotting approaches in interventional cardiology, where catheters are inserted in the radial artery near the thumb, rather than in the groin.

“We are also involved in immunotherapy and vaccine studies for patients with breast and lung cancer that involve training the body to recognize and attack tumor cells,” Sareli said. “Other blanket trials involve the use of biomarkers that could point the way to similar types of treatment for different types of cancers.”

As for the region’s youngest patients, Sareli said Memorial’s Joe DiMaggio Children’s Hospital is part of the Children’s Oncology Group (COG), a nationwide collaboration of pediatric oncologists. “Being able to share clinical data and take part in new research studies is an important aspect of our program,” said Sareli. “It’s one of the many ways our specialists are contributing to the long-term health of our Hollywood community.”

Source: SFBJ

MedEquities Realty Trust Inc., a health-care focused real estate investment trust, is considering a sale, according to people with knowledge of the matter.

The company is working with an adviser to help evaluate its options, said the people, who asked not to be identified because they weren’t authorized to speak publicly. No decision has been made and it could remain independent, they said.

MedEquities shares rose 4 percent to $10.42 on Wednesday at 10:39 a.m. in New York, giving the company a market value of $335 million.

Representatives for the Nashville, Tennessee-based company didn’t respond to requests for comment.

Its potential sale comes amid a flurry of mergers and acquisitions involving REITs. GGP Inc., Forest City Realty Trust Inc., Gramercy Property Trust, DCT Industrial Trust Inc., Quality Care Properties Inc. and Education Realty Trust Inc. have all agreed to be acquired this year.

Private equity buyers are driving much of the activity, according to Jeffrey Langbaum, a senior REITS analyst with Bloomberg Intelligence.

“The primary driver of what’s happening is there is a discrepancy between what the private market is valuing real estate assets at versus where the public markets are valuing REIT shares,” Langbaum said. “The method of unlocking that value is a sale of a company.”

“They’re just playing the arbitrage,” he added.

MedEquities was incorporated in 2014 and went public two years later. Its shares have fallen about 13 percent since pricing its public offering in September 2016.

The company owns 33 acute-care hospitals, skilled nursing facilities and other types of health-care facilities in six states including California and Texas, according to its third quarter investor presentation. Its chairman and chief executive officer, John McRoberts, previously co-founded and ran Capstone Capital Corp., another REIT that Healthcare Realty Trust Inc. acquired in 1998.

Source: NREI

The state received nine “certificate of need” applications for new hospital projects by a Wednesday deadline, according to the Florida Agency for Health Care Administration.
Orlando Health and Central Florida Regional Hospital have submitted applications to create 100-bed facilities in Seminole County. Moreover, HCA Healthcare and the Public Health Trust of Miami-Dade County have submitted so-called CON applications for 100-bed hospitals in Miami-Dade.
Other proposed projects include a 90-bed adult psychiatric hospital in Pasco County and an application from St. Vincent’s Healthcare to establish a four-bed neonatal intensive care unit in Duval County.
The CON program regulates hospitals, certain hospital services, hospices, nursing homes and intermediate care facilities for the developmentally disabled.
Operators need to receive certificates of need before they can move forward with building facilities or adding certain services.
The state has four CON “batching” cycles a year, two for hospital beds and facilities and two for “other beds” and programs.
A letter of intent advising the state of a proposed project must be sent to the state before a CON can be submitted.
However, a letter of intent is not binding. Case in point, Fort Walton Beach Medical Center submitted a letter of intent advising that it wanted a CON to establish a neonatal intensive care unit. However, it did not submit a CON application.
It was the only provider to submit to the state a letter of intent but not follow up with an application. For a list of the CON applications submitted click here.
Source: WLRN

In a new study on the healthcare real estate sector, Transwestern revealed that swelling demand for healthcare services may push forecasted demand for medical office space well above supply in several U.S. markets. The report, Medical Office Space Gets Tight, bases its predictions on the anticipated growth in healthcare workers through 2019 and compares average space usage per worker to space that now exists or is currently under construction in 14 markets.

“The segment of the population at or over the age of 65 is growing at a rate 14 times faster than those aged 64 or younger,” said Jay Johnson, Managing Director of Healthcare Advisory Services. “A greater demand for healthcare services means more workers, and this is going to make healthcare space much tighter in some markets.”

Specifically, current projections estimate that just over 150,000 healthcare practitioners will be added to the economy over the next two years, and total demand for medical office space across the U.S. could range from 150.5 million to 225.8 million square feet by the end of 2019.

“There is approximately 110 million square feet of available medical office space in existing and under-construction buildings in the U.S. as of the second quarter of 2018,” said Director of Research Elizabeth Norton, the report’s author. “If all healthcare practitioners added to the economy through 2019 aim to locate within medical office space, absorption of this demand is impossible without a major shift in how people expect and receive healthcare.”

New York, Dallas-Fort Worth, Atlanta, Denver and Miami-Fort Lauderdale would be the most challenging for practitioners wishing to locate within medical office space. But other real estate options could provide feasible solutions, including leasing nontraditional spaces in conventional office buildings or repurposing empty retail space for medical uses.

Norton noted that the emergence of new forms of healthcare, such as telemedicine, digital health, and shared service centers, could suppress future demand to some degree, depending on how quickly these new approaches are adopted by the healthcare industry.

Source: Wolf Media

Avison Young completed the $5.5 million sale of Boynton West Professional Centre, a set of twin buildings totaling 32,593 square feet at 1700-1800 West Woolbright Road in Boynton Beach.

Avison Young Principals Mark Rubin and Gary Gottlieb represented the seller, Hews Woolbright, LLC, in the disposition to TopMed Realty Acquisitions, LLC.

At 80 percent leased with medical and professional tenants, Boynton West Professional Centre was a value-add opportunity strategically located just half a mile west of Interstate 95, proximate to the JFK Medical Center, Bethesda Hospital, restaurants, and retail.

“We were initially retained by our client to provide full-service leasing and management to ultimately market and sell the property,” said Rubin. “The leasing and management teams led by Gary Gottlieb, stabilized the asset by securing lease renewals, increased occupancy by 20 percent, and oversaw valuable property improvements, allowing us to achieve leading market prices in an accelerated timeline. We secured an aggressive buyer who was attracted to the highly visible and easily accessible location of the property and the potential to lease it up with strong medical tenants.”

According to Avison Young’s second quarter 2018 Palm Beach County office market report, demand remains strong in Boynton Beach with no new development in the pipeline (and the same for several surrounding submarkets), consistent zero vacancy in class A space, and absorption posting at 22,728 square feet from space leased in class B assets.

Source: CRE-sources

The Miami Heat and Baptist Health South Florida have reached a first-of-its-kind partnership for both organizations, as they broke ground on a new health care center.

The Miami Heat Sports Medicine Center at the Miami Orthopedics & Sports Medicine Institute is part of a multiyear partnership between the NBA franchise and the nonprofit health system. Renovations will start at 1150 Campo Sano Ave., next to Doctors Hospital in Coral Gables, to create a four-story, 49,000-square-foot facility for advanced sports medicine. It should be open in summer 2019.

The Heat made an unspecified donation to support the expansion.

“Throughout our history, Miami Heat players and staffers have experienced world-class care by the industry-leading medical team at Miami Orthopedics & Sports Medicine Institute,” said Jeff David, executive VP and chief revenue officer of the Heat Group. “Our long-standing and fruitful partnership with Baptist Health has produced The Miami Heat Sports Medicine Center, which will be a guardian of our community’s health and committed to excellence at every level.”

The deal adds a strong branding partner for Baptist Health, the region’s largest hospital system.

The support of the Heat will also allow Baptist Health to expand its orthopedic facility, creating a new ambulatory surgery center and hosting more clinical education.

“This is a truly unparalleled partnership that will make an incredible difference in the future of our Institute, and in the expert care provided to our patients and the community,” Miami Orthopedics & Sports Medicine Institute and Doctors Hospital CEO Nelson Lazo said.

Source: SFBJ