Groen Realty Partners Secures Lease For One Of Spring’s Leading Pediatric Dental & Orthodontics Practices

Spring, TX. January 15, 2017 – Groen Realty Partners worked with Dr. Carl Pittman of Pediatric Dental Specialists & Northwest Orthodontics to obtain a 7,760-square foot lease within the newly completed Spring

Oaks Plaza. The lease was secured by Todd Groen with Groen Realty Partners.

Texas Children’s Pediatric Associates approached Groen Realty Partners looking for a new location for its Northeast pediatric group. Initially they were located in a hospital in the Northeast section of Houston but were forced a move due to size constraints. A number of developers were contacted for proposals for moving what was to be a 7000 ft.² pediatric practice. Most of the development ideas were centered around locating the practice within a few hundred yards of its current location. Groen Realty Partners took the step to examine Texas Children’s practice doing a ZIP Code analysis of its current patient base. By performing this analysis, we discovered that Texas Children’s needed to be located further to the east.

GRP put a proposal in front Texas Children’s that would take the practice to the master-planned community of Eagle Springs. This was unusual in that Texas Children’s had only given consideration to relocating in its current general area. During our analysis of the market we discovered that excess space was needed in that area so GRP put together proposal that gave Texas Children’s 7,000 ft.² and we created a property that was essentially twice the size so we could lease up the balance to other complementary users.

In 2005 Groen Realty Partners were approached by an outside broker to consult with an investor related to potentially managing his medical office building. Over a span of almost 2 years of discussions of the market, current value of his property, state of his tenant’s lease expirations, and other influences of his building we were able to secure the property management agreement with RG. The property was acquired into our private client management group at 52% occupancy.

Over the next nine months we were able to take the property to a 92% occupancy level by creative marketing, cold calling, and networking. In addition to increasing the occupancy of his building we were also able to reduce operating costs by 20%. This project was a triple net building in that the tenants pay their proportionate share of taxes, insurance and common area maintenance. The reduction in operating expenses did not create additional cash flow for the owner but what it did do was give the current tenants a financial break in their overhead and created further goodwill between the tenants and the owner. A lot of the cost reduction was in reducing unnecessary overhead, renegotiating contracts that had been allowed to escalate over time and other cost savings measures.