Specialty Property Management Shows Advantages
(Reprinted from the San Diego Daily Transcript, March 30, 2000)
Wanted: One property manager who can direct all of their energies toward offering reliable, efficient service. Must have experience in local rent structures, lease agreements, maintenance needs, insurance requirements and applicable laws.
Choosing a property management service can be simple. There are thousands of companies to choose from and most meet or go beyond the basic requirements. However, the trouble that many property owners run into is that these companies manage everything from a two bedroom house to a 40,000 square foot office building, resulting in their expertise in one area or building type being fairly limited.
This fact has driven property owners to seek out and hire property management firms who specialize in the type of business conducted in the building. Of those who required their property mangers to have expertise in their industry, most have found that it makes a notable difference in the quality of service they receive.
One local development firm has been specializing in the management of medical office buildings for over 10 years. Pacific Medical Buildings has developed 61 facilities in 39 cities in the past 29 years and acts as property manager for all of the projects in which it is a general partner. “The unique financial strategy created by our company enables us to act as investor/owner and property manager of the projects we develop.” said Robert A. Rosenthal, A.I.A., president and managing partner of Pacific Medical Buildings. “As our experience in the field of medical facility property management grew, we expanded from managing just the facilities that we developed to managing hospital-owned medical office buildings on a fee-for-service basis.” Currently the firm has 687,000 square feet under management contracts in California, Nevada and Hawaii.
“Using a property manager who specializes in the medical field shows several benefits,” said Rosenthal. “The first advantage is knowledge of the industry. A property manager who specializes in medical facilities understands the reasoning behind the planning, design and construction of the facility. This knowledge helps them understand the inner workings of the building better than any other property manager. This usually results in building and property maintenance being done better and more efficiently.
“The second advantage is the relationship with the tenants. Medical facility property managers must build relationships with the doctors renting office suites as well as the hospital. They must understand the sensitive relationship between a hospital and its medical staff. Specializing in healthcare facility management builds an increased level of trust between the property manager and the tenants which creates a more productive relationship.”
One San Diego hospital has taken advantage of the benefits that specialty property management offers. Alvarado Hospital Medical Center operates an Outpatient Services Center in a medical office building that is managed by Pacific Medical Buildings. The 55,000 square foot building houses an Ambulatory Surgery Center and a Center for Infertility as well as other outpatient services. A large portion of the building is occupied by physician offices. Pacific has been managing the facility since 1990.
A second medical facility in San Diego recently selected the services offered by Pacific. Sharp Rees-Stealy signed a 15-year lease with Pacific to build a new medical office building in the Otay Ranch master-planned community in Chula Vista. The $12.5 million building will be developed, owned and managed by Pacific upon completion, which is expected in May of 2001.
The 66,929 square foot building will house a comprehensive team of Sharp Rees-Stealy physicians in a variety of specialties including internal medicine, pediatrics, obstetrics/gynecology, ophthalmology and dermatology. Ancillary and support services also will be on-site and include radiology and physical therapy. A full-service pharmacy and optical shop are also planned.
According to Rosenthal, it is not just hospitals and medical facilities that require the services of specialty property managers. “The hospitality industry also benefits from using property managers who focus on hotel and motel management. Basically, any industry where the design of the building is a direct reflection upon the type of service that is provided there can benefit from choosing a specialty property manager,” said Rosenthal. “Regardless of what type of property you own, it is important to consider working with a property manager who knows the ins and outs of your building and your business, and who can provide you with the best possible service.”
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