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M id A tlantic Real Estate Journal
M id A tlantic R eal E state J ournal Publisher .................................................................Linda Christman Publisher ....................................................................Joe Christman Section Publisher .........................................................Steve Kelley Senior Editor/Graphic Artist ..................................... Karen Vachon Production Assistant ........................................................ Julie King Associate Publisher ................................................. Alissa Aronson Associate Publisher .............................................. Barbara Holyoke Office Manager .........................................................Joanne Gavaza Guest Columnists ................. Michael Oliver, HFF; Glenn Ebersole, Hollenbach Construction Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockand, MA 02370 USPS #22-358 | Vol. 27 Issue 8 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
ARAMUS, NJ —There is an emerging trend in the medical indus- try—independent physicians and practices are consolidat- ing into larger group prac- tices. This direction boasts a win-win for physicians, who benefit from the reduction in overhead, and for patients who appreciate the added convenience. Rather than patients trav- eling to physicians’ offices scattered throughout differ- ent towns or counties, local health care providers are re- alizing that consolidating practices and specialities un- der one large roof can reduce costs and provide a better patient experience. David Hirschman , president of David Hirschman Realty Company , understands the value proposition and has been assisting physicians and landlords in Bergen County, NJ with their mutual objec- tives. In fact, over the past four years, David Hirschman Realty has leased 127,000 s/f of medical space ($27 million value) in Bergen County for practices who choose to co- exist. “There is a golden opportu- nity for local medical profes- sionals, during this challeng- ing economic climate, to pool their resources, share office space and provide a more pro- fessional, full-service, one-stop practice for their patients,” said Hirschman. Full service medical buildings often cater to a wide array of patients’ needs—from office visits and physicals, to imaging, tests, and bloodwork. In addition, the consortium may include specialists such as internists, cardiologists, plastic surgeons, gynecologists, gastrointestinal specialists and more. Hospi- tals are also seeing the value in buying practices, which al- lows them to offer a variety of specialists in one location, and smaller physicians’ practices gain added clout with insur- ance companies because of their hospital affiliation. The real estate business is constantly evolving and be- coming more effective. Smaller medical offices are choosing to merge with larger, more P Consolidation of medical offices: A win-win trend for physicians and patients David Hirschman
efficient practices and some larger medical businesses are looking to expand and acquire interested smaller practices. In addition to saving on leas- ing expenses, physicians are able to streamline services such as insurance, billing and administration, while better accommodating their patients. A prime example is the office building that Forest Healthcare purchased at 277 Forest Ave., Paramus, now an affiliate of Hackensack Uni- versity Medical Center. David Hirschman Realty Company connected the physicians with investors and structured the agreement with the partners of the practice. Hirschman also manages the property and the leasing agreement. Today it is a profitable build- ing for the group. Dr. Morey Menacker, a practicing physi- cian and investor, said: “David Hirschman listened carefully to my needs and found the perfect location, negotiated the lease, and assisted in monitor- ing the construction. After a few years, David and I dis- cussed purchasing the build- ing. The practice had grown and there were six physicians. Physicians, in general, are hesitant to invest their own money, and these physicians were unable to access suf- ficient funds to purchase the building alone. David was able to allay their fears and gather a group of silent inves- tors to join the physicians in the purchase. It is now almost ten years later and all parties are thrilled with the return on investment. David has also provided the management for the building, at a lower price than I could get commercially.” A d d i t i o n a l l y , D a v i d Hirschman Realty Compa- ny arranged an agreement
with Englewood Orthopedic Associates, 401 South Van Brunt St., Englewood, to sell 15,000 s/f of office space to a combination of investors and doctors. Initially, 30% of the space was empty and 70% was leased. The new owners decided to install an elevator large enough to accommodate a stretcher with the goal of leasing the available space. The owner, working closely with David Hirschman Realty, attracted a surgical center, dermatologist, urologist and plastic surgeon, and filled the building. According to Michael Rappaport, a building inves- tor: “We worked together with David Hirschman Realty for the past 14 years on the Engle- wood medical space. David Hirschman Realty managed the building and brought in more than 20 tenants. David’s legal background was instru- mental in getting the leases done. He has patience and helps negotiate legal terms. What is good for the client is good for the landlord and he bridges that gap very well.” “Medical office consolidation is an effective and efficient re- sponse to the financial squeeze many healthcare providers are feeling in today’s mar- ket,” said Hirschman. “It’s important, though, for medi- cal professionals to work with a Realtor who understands their business, objectives and budget so they can find the “right fit” when consolidating. An experienced commercial Realtor should streamline the process by bringing a wealth of contacts, familiar- ity of the marketplace and office space recommendations. Then, the newly consolidated and streamlined office space will certainly benefit the phy- sicians and their patients.” n
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