Tandy C. Patrick discusses increased visibility of medical facilities in retail centers in exclusive interview with National Real Estate Investor
In an exclusive interview with National Real Estate Investor, firm partner Tandy C. Patrick discussed a growing trend in American retail real estate: medical service providers taking up space in retail locations. Patrick, who also serves on the firm’s Partnership Board, is a frequent speaker on commercial real estate; she discussed medical facilities in retail centers during her presentation at the 2016 Ohio, Kentucky, Indiana, Michigan and Pennsylvania Retail Development and Law Symposium presented by the International Council of Shopping Centers (ICSC).
According to Patrick, medical facilities are not the only businesses moving to retail centers; a variety of unconventional users have taken up residence there, ranging from funeral homes to gun ranges. “The overall trend of ‘non-traditional’ users in shopping centers will continue to increase in coming years,” Patrick told the publication. “Many uses that previously have been taboo are now appearing in centers.”
The move to retail centers by medical providers specifically highlights an overall trend in U.S. health care right now: Americans are spending more on health care, and want to do so in locations that are both convenient and safe. According to the publication, landlords are also drawn to the creditworthy tenants that will attract plenty of foot traffic to their properties.
While not all medical services may find a retail center to be the best fit, many practices have found a successful partnership that has the potential to offer consistent growth to both the retail center and medical tenant.