ProEx Physical Therapy
Profile: ProEx Physical therapy is comprised of a group of physical therapy professionals that share a vision that is simple and effective: to operate a company that is clinically driven and focused on people – their patients, employees, referring clinicians, clients and vendors. We began working with ProEx by helping them with a “blend and extend” in one of their existing centers. They were outgrowing their patient treatment area and wanted the additional space that had just been vacated in the suite next door. Working with their landlord, we negotiated a deal to extend their lease term and wrapped in the additional square footage. We were able to get them a fair lease rate for the extended lease term, and the landlord performed the requested tenant improvements not only on the additional space, but in their existing space as well. ProEx was getting busier in their existing locations, but they were also expanding into other nearby markets and needed assistance with the new leases.
Solution: During this growth period, ProEx began to acquire several other physical therapy offices in the area. It was important to them that each location was easy for patients to access, while keeping the look and feel of the center consistent with their corporate identity. We renegotiated the leases to extend the lease terms at below market price. In one location, it was crucial to have additional reserved parking spaces near the front entrance. The landlord was reluctant to give those spots up, but we were able to get those put into the new lease. In another location, the space required modifications and updates. We got the landlord to perform all the work that was requested, at minimal cost to the tenant.
“During the time we were growing the number of our locations, and expanding in some of our existing centers, we came to depend on the Stevens Group for their commercial real estate expertise and market knowledge. They were able to negotiate on our behalf to achieve the best terms possible, while keeping a focus on our requirements, timeline and budget.”
Michael Mulrenan, President and CEO, ProEx Physical Therapy