Denver-based NexCore Group, a national healthcare real estate developer, completed construction of more outpatient medical space than any other developer in 2019.
The Outpatient HRE Development Report, compiled by Arnold, Md.-based Revista, ranks the top-rated outpatient medical facility developers from the previous year. The 2020 survey measured medical office and other outpatient developments that were started or completed in 2019.
On the basis of total square footage, NexCore Group earned the top spot in the “Projects Completed” category with seven projects totaling 403,652 square feet. The developer also ranked third overall in HRE “Projects Started or Completed” for 2019, with 12 projects totaling 676,896 square feet. Finally, NexCore placed sixth in HRE “Projects Started” for 2019, with five projects totaling 273,244 feet.
Todd Varney, NexCore’s chief development officer and managing partner, says the firm is “thrilled” to be once again recognized by Revista for its national leadership in outpatient HRE development.
“NexCore had another outstanding year as we continued our mission to collaborate with our healthcare partners to provide the creative and innovative facilities they need to meet today’s industry challenges,” Mr. Varney says.
“At NexCore, we see tremendous growth in the ambulatory needs of hospitals today. We work closely with our provider partners to provide a strategy-first approach to each market, and we have a proprietary process to select sites and regions for each ambulatory strategy, which results in better patient care in the proper environment.” He adds, “We are indeed honored to be recognized once again in this important national report for our hard work, and we congratulate the clients and partners who are working right alongside us to develop these quality facilities.”
Building on the firm’s impressive 2019 performance, Mr. Varney says he anticipates another strong year in 2020, despite the COVID-19 crisis.
“NexCore has a healthy pipeline of new developments under contract, along with a number of new opportunities being pursued,” he says. “At this time all of our projects are moving forward as planned and we have strong financial relationships that allow us to move forward, even as many capital providers in the industry may be pulling back.”
Revista collected data on all U.S. outpatient HRE development projects started or completed in 2019 that exceeded $2.5 million in value and that included at least 5,000 square feet of new or renovated space. Data was gathered on the basis of 25 voluntary surveys completed by developers, as well data collected on another 140 companies – all of which was then independently verified by Revista.
