University Hospitals-WellStreet Urgent Care

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Assignment

A National Urgent Care operator was looking to enter our trade area by opening 30-35 locations over the next three (3) years.  A dream assignment, with a catch.  We had to identify and secure these locations while keeping the entity confidential.

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Our Challenges:

• We signed an NDA with our client and needed to maintain complete confidentiality for the first six months of this assignment, while still securing locations.   
• We needed to convince Landlords and brokers in the community to deal with us and even go to the next step of entering into Letters of Intent negotiations, and even up to Lease preparation, with them having no idea who the ultimate tenant would be.
• Finding suitable locations which met our client’s parameters was only the first part, finding suitable locations where we could engage with Landlords and brokers to see if we could reach agreement on economic terms was quite another.

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Our Approach:

• We had to capitalize on our 75+ years of combined experience and reputation to engage the real estate community and plow forward trying to structure deals with the promise from us that the tenant was a credit worthy entity that we would not be wasting our time with if we wouldn’t do a deal with them ourselves.
• We leveraged our longstanding relationships and kept in constant communication to always provide the assurances that our client was for real.  We responded quickly and often, with the cooperation of our client, to give us expedient responses and answers to all questions requested by landlords and brokers, other than their identity.
• We were able to tee up sixteen (16) locations, get NDA’s signed and are now working to finalize Lease agreements with those Landlords who had the confidence in Passov Group and their reputation to take the “leap of faith” and now they will reap the rewards of a wonderful credit tenant for years to come!