DETROIT—Seavest Healthcare Properties LLC has just completed significant upgrades to the Beaumont Medical Center here in suburban West Bloomfield. An official from the White Plains, NY-based firm told GlobeSt.com that they bought the 150,000 square-foot complex in 2013 after recognizing the many positive trends taking place in the state, especially the rebound of the auto industry and the impact this had on the suburban markets.
“We continue to be very active seeking significant investments of facilities that meet the strategic needs of well performing health systems and hospitals,” Seavest senior managing director Jonathan L. Winer said. The company bought Beaumont with its joint venture partner KIRCO Health Partners, a Troy, MI-based firm that managed the renovation and acts as the property's manager.
Seavest has a strategy to buy facilities aligned with large, advanced health networks. The three-story Beaumont, for example, is part of the Beaumont Health System, a group of three area hospitals that leases more than half the building, located at 6900 Orchard Lake Rd., and employs many physicians attached to a nearby medical school and a research institute.
Winer added that the almost $460,000 renovation was aimed at maintaining the facility as one of the top medical office properties in the market. “The Beaumont Medical Center is one of the premier off-campus medical destinations in Southeast Michigan and a critical outpatient center for Beaumont Health System.” The improvements include refreshing all common areas with new carpeted hallways and stone flooring in the lobby; upgrades to all common area bathrooms; improved aesthetics to all elevator lobbies and elevators; and an enhanced entrance and reception area. Exterior renovations include upgraded landscaping and repaving of the parking areas.
Since buying the West Bloomfield property, Winer said the company has made “three more investments and continue to be very active looking at new opportunities.” The newest projects include the development of Penn Medicine, Jennersville Ambulatory Care Center, a 69,000 square foot off-campus ambulatory care center located in Jennersville, PA; the development of Conventus, a 340,000 square-foot medical office building and ambulatory care center located in Buffalo, NY; and the acquisition of Grandview Physicians Plaza, a 208,000 square-foot medical office building on the campus of the new Grandview Hospital in Birmingham, AL.
The companies will celebrate the West Bloomfield improvements at a tenant and broker appreciation event scheduled for 5 PM on June 10.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
