DEARBORN, MI—Two years since purchasing the property, a partnership of White Plains, N.Y.-based Seavest Healthcare Properties LLC and Troy, Mich.-based Kirco Health Partners have almost fully leased automotive supplier Visteon’s former headquarters here totenants.
The renovated space in Kirkwood Professional Plaza, 5500 Auto Club Dr., Dearborn, Mich., now is about 93 percent leased by Henry Ford Health System and other physician practices. The partnership purchased the 140,000-sq.-ft. building in May 2011 after Visteon reorganized under bankruptcy and moved to Van Buren Township, Mich. in 2005.
Henry Ford occupying more than 75,000 sq. ft., with services that include women’s health, an optometry/ophthalmologystore and clinic, dermatology, pharmacy, laboratory/radiology services, urgent care, pediatrics, and physical therapy. Other tenants housed in the facility include a cardiovascular practice and a wellness/fitness center.
Douglas Ray, president of Seavest, says repurposing existing facilities for another use is a growing trend he’s seeing in many areas of the country, and that the renovated Dearborn facility ties into a nationwide trend of expanding healthcarefrom the hospital campus to large, community-based, multi-specialty outpatient clinics.
“This adaptive reuse enabled us to provide Henry Ford Health System with a beautiful, functional facility at a much lower cost than if KIRCO and Seavest had developed a building from the ground up,” Ray says in a statement. “Plus we were able to complete the renovation in a much shorter timeframe than new.”
The Seavest-KIRCO partnership also recently acquired another major Detroit-area off-campus outpatient facility, the three-story, 149,000-sq.-ft. Beaumont Medical Center in West Bloomfield.