|LOCATION||Long Beach, California|
Comprehensive Legal Services
|PROPERTY SIZE||16,000 SF
New Class “A” Office
|FINANCIAL BREAKDOWN||Total Savings of $636,200|
Andrew Meyers represented seven private practice doctors in the site location, brokerage, and construction build-out of medical offices in Long Beach, California. McKinney Advisory Group was contacted for advisory services regarding the merits and methods of buying a property. Creating a “perfect storm” of real estate, McKinney capitalized on depressed real estate values, low interest rates, and McKinney’s internal development and financial analysis expertise. McKinney recognized the significant benefits of ownership for those in the medical profession including: fixed and lower cost of occupancy, stability in staying in the same location, no landlord hassle, and investment appreciation. With the help of McKinney, this group of doctors now own their own asset and the increased value associated with the tenant improvements required for their office use.
Andrew Meyers led each of the seven doctors through the tedious process of coordinating and keeping on schedule in the purchase and financing of this investment, a challenge due to the obvious scheduling commitments of practicing doctors. The clear answer at McKinney was to work around their schedule after hours and weekends. Likewise there were many financial concerns and benefits specific for the medical professionals as opposed to typical investors in owning their own building as medical spaces.
We make house calls! McKinney traveled to doctor’s offices after hours or met with groups at their homes on weekends and after hours. To keep the purchase moving forward, mobile notaries were used. Andrew kept track of documents and processes, and handled all details of the purchase and financing. The after tax occupancy cost is one third less than leasing costs and all improvements to building will go back to their investment rather than a landlord. Each doctor can now have consistent cost of operating and build equity as they build their practices. McKinney utilized all their in-house services for legal, property management, and financial analysis on top of the real estate knowledge. McKinney Advisory Group continues their relationship with the doctors to insure their needs and concerns are always met regarding this investment or others.