Ophthalmic Partners of PA

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.