All posts by wpdev

Annual Salvation Army Angel Tree

It’s that time of the year…

Time for Wynmark’s annual Angel Tree gifting!

This week we were honored to continue Wynmark’s holiday tradition of adopting an angel. Thanks to the Salvation Army Angel Tree, we are thankful to be bringing joy and happiness to a child in need during this holiday season.

Happy Holidays from Wynmark Commercial!


Frisco’s Dental Place Grand Opening!

Congratulations to Dr. Nguyen, Dr. Le, and Dr. Hunt on the Grand Opening of Frisco’s Dental Place.  This is one of the final medical offices to open in Victory Group’s, Victory @ Stonebriar mixed use development.  The office was beautifully designed and combines the cozy, traditional feel of a dental office with modern elements like exposed ceiling and ductwork.  This will no doubt be a staple of the Frisco community for a long time.




D Magazine: Own vs. Lease – A Healthcare Debate

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By: Justin Keane, Principal of Wynmark Commercial

Justin Keane: Own vs. Lease—A Healthcare Debate

Real estate in the healthcare industry has traditionally revolved around a classic lease model for physician practices. Doctors would personally guarantee long-term leases and place their practice in the best possible locations to cater to their patients. This is a model that offered doctors little advantage outside of liquidity of capital.

Market conditions today offer physicians more options. Changing healthcare laws in recent years have impacted physician practices by decreasing reimbursements, which forces the physician to see more patients throughout the day. Though patient care is at the forefront, physician practices, like any business, still revolve around being profitable. Many responded by closing their individual practices and joining large hospital groups. Others took a more entrepreneurial approach and decided to further invest in their practice by investing in the real estate. (Why pay a landlord hundreds of thousands of dollars over the course of 10-year lease and walk away with nothing to show for it?)

Seeing a need in the market, I co-founded Wynmark Commercial in 2009 to specialize in medical office space. Here’s what I’ve found when it comes to leasing versus ownership.

Investing in real estate provides an additional profit center to help with a physician’s long-term goals. And with interest rates still hovering near a 10-year low, it’s still a great time to lock in rates now before the Fed starts increasing them.

Lenders will require between 10 percent to 20 percent down, depending on the type of loan (SBA vs. conventional) and the leveraged investment will build equity and provide additional tax benefits. Even in the worst-case scenario of the asset not appreciating over the 10+ years of owning a building, physicians are still paying down principal and utilizing the tax benefits. This commitment is an exit strategy and retirement plan rolled into one. If a physician practices another 15 to 20 years, the real estate has served as a forced savings plan. With every payment made over that time, a doctor has been paying off an asset that can now be sold or leased.

The presence of this asset can increase the value of the practice as well. This is especially true in dental practices. A thriving dental practice will, to a certain extent, always be tied to a location. If a practice has been at a certain intersection for 15 years, it is not as valuable if it has to be relocated outside of a two-mile radius when the lease expires. Doctors will take this into consideration when evaluating the purchase of an existing practice. If the practice is on a lease, the length of time remaining on the lease and a potential forced relocation at lease expiration are factors in trying to determine the value. A practice with a fixed asset tied to it is more valuable at the point of sale.

Ownership also carries with it valuable tax advantages. With a standard ownership model, there exists the ability to depreciate the building over 39 years, write off the interest, and write off the budgeted expenses. (As always, a CPA can go over all the benefits and how ownership will affect you personally.)

Physician leasing isn’t going away any time soon, though. In fact, the more traditional lease model remains the best option for start-up physicians or groups needing the capital for large growth expansion plans. Doctors looking to start a new practice are motivated by the lower initial cost offered by leasing. It allows the physician to establish a patient base and identify the growth potential for the practice before setting up more permanent roots.

Lenders also want to see historical trends for a practice before investing in the real estate. Leasing allows the flexibility to build that credibility and establish the practice. A healthy long-term forecast is especially important for start-up practitioners.

For most physicians, the own vs. lease debate will come up throughout their careers. It’s a choice that has significant implications on both their practices and long-term investment goals. For those faced with the decision, it’s important to establish your objectives, do your research, and crunch the numbers before choosing what option is best for you.

Justin Keane is president of Wynmark Commercial. Contact him


D Magazine’s CRE Opinion: A West End Transformation Story

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The once lively neighborhood is seeing renewed interest as it becomes a breeding ground for innovation.

By Justin Keane

CRE Opinion: A West End Transformation Story 

It’s not crystal clear. You still have to squint to see it, but with a little imagination you can see an organically engineered innovation district blossoming in the heart of Dallas. The West End, or Historic West End as it is often identified, is the site of the would-be transformation. It is certainly historic and a common stopping ground on weekends for camera toting tourists, fresh off a jaunt back in time at the Grassy Knoll and Sixth Floor Museum (Book Depository). However, it long ago quit being a destination for local Dallas residents. Historic buildings that once housed restaurants and night life slowly started going dark. The buildings were shuttered and patios that were once filled with memories of OU/TX weekends, and concerts in the plaza outside of Dallas Alley, became a block of abandoned but beautiful buildings living out their accelerated half-life.

Some new-found momentum and life in the West End is looking to change all that. The Dallas Entrepreneur Center (The DEC) has found a creative way to facilitate growth of new companies into future contributors to Dallas’ overall economy. Factory Six03 is renovating the iconic property at 603 Munger Ave. into a 215,000-square-foot modern, co-working space. Built in 1903, the building is most commonly recognized as the West End Marketplace building, but was originally the Brown Cracker and Candy Company.

Within the same building, the Blue Cross Blue Shield C1 Innovation Lab is about ready to open its doors. The company’s fresh, collaborative approach towards analyzing healthcare and its processes is thinking outside the box for the industry. Kevin Cassidy, president for Health Care Service Corp. which operates Blue Cross and Blue Shield in Texas, is enthused about the location of their new facility. “We chose Dallas because the city is a thriving, innovative hub for healthcare entrepreneurs who share our goal of finding solutions that make our healthcare system more efficient, affordable, and effective. This project emphasizes our commitment to Dallas and we are excited to be a part of the West End redevelopment. The West End is especially accessible for our customers and the building provided a blank canvas to create a space focused on collaboration. We are on schedule to open the C1 Innovation Lab in August.”

Innovation is not being ignored at the street level either. The Dallas Innovation Alliance launched the first phase of its Smart Cities Living Lab back in March of this year. The project brings interconnectivity and intelligence to city infrastructure. With features like smart LED lighting and environmental sensors, the Lab can allow cities to learn and adapt in real time through a future forward application. It’s street presence is through a kiosk that helps locals and visitors handle more daily tasks, such as maneuvering around the city or utilizing the kiosk’s free USB charging ports.

For anyone who can remember back to a time when the West End was a lively gathering spot for locals and tourists alike, the thought of one of Dallas’ treasures re-emerging as an innovation district is sure to inspire some enthusiasm. And, for quite some time now, our Historic West End has needed some enthusiasm.

Justin Keane is principal at Wynmark Commercial.