Next, Intelica launched a direct marketing effort to locate and lease quality medical tenants. The efforts were successful, and the building achieved 100% occupancy, in keeping with Dr. Hardeman’s vision of a “one-stop” medical office for ear, nose and throat treatments, among others. Moreover, Intelica’s brokers secured an average lease term of 9.25 years, representing a reliable and long-term revenue stream for the property’s new owner, and significantly increasing the overall value of the asset.
Ultimately, the property’s value increased from $70/square foot to $200/square foot, tripling the initial investment. Intelica continues to provide property management services, allowing the building owner and it’s tenants to focus on providing quality healthcare.