MAP Real ESTATE
Client Success Stories
PrimeCare Community Health – 5635 W. Belmont
Despite Complex Logistics MAP Delivers Right Solution
Challenge
Client desired to open a new primary health clinic on the near-west side, where a large part of its constituent base was located. This facility could not be too close to competitors’ clinics. There was the requirement for a parking capacity, for both clinic staff and patients, far in excess of the norm for the size of space that client desired. And, client desired an unusually favorable degree of visual presence from the street, but was unable to consider conventional retail space because of its prohibitive cost. But this part of the city has a very small inventory of office properties. It soon became apparent that optimal solutions did not exist in the required geographic area. They had to be created, however that is typically not the purview of a tenant-rep.
Action
Prior to engaging MAP Real Estate, the client had attempted to negotiate a lease with the owner of a property that seemed suitable. Those negotiations led to an impasse. However, we were able to reposition those negotiations, resulting in favorable terms that included an option to buy the building. After conducting market research, we increased the short-list of interesting alternatives and negotiated acceptable lease terms also with the buildings on the short-list. We also introduced to our client the idea of inviting a developer, Baum Revision, to join the project team, because it is their purview to create new alternatives that did not yet exist. Our client liked that idea. In concert with Baum Revision, which acuired for this project a retail center, to craft the perfect transaction, including a 20 year lease and an option to buy the development, that had not previously been suitable for an office use.
Result
Client opened a new, state-of-the-art, 16,000sf primary-care clinic in the heart of its Northwest Side constituency base in the Belmont-Cragin neighborhood. The new facility is housed in a former two-story retail center across the street from national brand-name retailers.The clinic has not only a relatively massive parking lot right in front for patient parking, but is less than 150 feet from a large multi-story, free city-owned parking lot. Client was also able to acquire the entire property, under very financing terms, with the assistance of the developer that we invited to join the project team.
Testimonial
Once again, MAP came through with the right solutions! I first worked with Michael when I was CFO of Erie Family Health Centers. This time, my organization, PrimeCare Community Health, needed to open a new family health clinic with complex logistical requirements. Michael solved that problem and also handled another project, allowing us to relocate administrative staff – again, the right space with great terms. Michael continues to be a valuable asset as we grow!
And, we received $31,714 of unrestricted funding, just by signing the leases we needed for our operations and only because we chose MAP.
Jack Holton / Board Member, PrimeCare Community Health
