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A drive-time map for the Powdersville , S . C ., area provided potential tenants with a clear visual representation of how a potential site would fit with existing and potential clients .
Conducting a development analysis with their local partner , Creative Builders , the Nicholsons intended to split the property between the 5,557-sf pediatric medical practice and 4,500 sf of leasable space . Using Site To Do Business , they identified a significant supply gap in the market for pediatric dentists , a potential use only bolstered by the neighboring pediatric medical practice . To locate a potential tenant , the Nicholsons conducted targeted marketing through Site To Do Business . But discussions of leasing the property with one interested party didn ’ t go exactly as planned .
Using Site To Do Business , the Nicholsons identified a significant supply gap in the market for pediatric dentists , a potential use only bolstered by the neighboring pediatric medical practice .
“ Not everything went to plan since we wanted to hold the asset , but the pediatric dentist group insisted on purchasing ,” Chisolm Nicholson says . “ They offered a reasonable price at a market capitalization rate , so we ended up with a win-win .
“ And if we can use these tools to help create value , we know anyone who holds the designation can .”
Also , considering the growth in demand for medical office in the Greensville area , the Nicholsons , who don ’ t exclusively deal in the sector , expect to have more transactions like these two in the coming years .
“ We ’ ve seen strong development in Greensville as a whole ,” Chisolm Nicholson says . “ Some small groups are leaving the large hospital systems — something that we saw in the sector before COVID-19 . But it ’ s definitely a trend and something we hope to capitalize on in the future .”
Nicholas Leider Senior content editor of Commercial Investment Real Estate
Contact him at nleider @ ccim . com .
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To learn more , visit www . sitetodobusiness . com
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