Project Outline

Ophthalmic Partners of PA (OPP) and its associated surgery center are one of the region’s largest ophthalmic diagnostic, treatment and outpatient surgical practices.  Decreasing margins with the day-to-day practice and a lease with no renewal options presented a challenge for finding the best long-term real estate solution.  In the course of SREA’s working relationship with OPP, another major player, Wills Eye Hospital, agreed to partner with the venture to create a suburban medical center.

SREA worked in partnership with the executive team of OPP to investigate lease, joint venture, ground-up development and purchase options for OPP’s long-term needs of up to 35,000 square feet.

Services Provided

  • Created preliminary project budget and projected schedule
  • Performed a current needs analysis
  • Performed employee and target patient analyses
  • Conducted a market survey
  • Performed building inspections and analyses
  • Conducted a space planning analysis and provided construction pricing
  • Produced a request for proposal
  • Performed a financial analysis – lease versus purchase
  • Conducted sale, lease and joint venture partnership negotiations
  • Conducted financial analyses for budgets and pro forma

How SREA Added Value

SREA identified a two-building, 83,000 square foot, office/medical complex that was not openly on the market for sale.  A fifty percent (50%) equity position in the ownership of the building was procured, along with two (2) long-term leases for the general practice and surgical center.  Going forward,  as existing non-medical leases expire, OPP and its partners will have built-in expansion options.