People (December 2006)

Bruce A. Rendina loses battle to cancer

WELL-KNOWN MEDICAL REAL ESTATE DEVELOPER, 52, DIES AFTER 17-MONTH BATTLE

By John Mugford

Bruce A. Rendina, one of the most successful, prolific and best-known medical office building (MOB) developers in the country, died recently at the age of 52. After a career filled with so many successes, Mr. Rendina lost a 17-month battle with brain cancer on Dec. 13, just before this edition of  Healthcare Real Estate Insights^™ went to press.

Mr. Rendina was the founder of the Rendina Cos., a Palm Beach Gardens, Fla.-based real estate firm that developed hundreds of thousands of square feet of MOBs since its founding in 1998. Mr. Rendina was also a member of the HREI^™ Editorial Advisory Board.

 

In the art, science and business of developing MOBs, Mr. Rendina did not necessarily break the mold. But years ago, while he was with Palm Beach Gardens-based DASCO, Mr. Rendina and Donald A. Sands, the co-founders of that firm, created a development model that allowed physicians to invest in MOBs. The model, which Rendina Cos. calls the Equity Participation Program, provides doctor-investors, as well as health systems, 50 percent of the equity appreciation and 50 percent of the positive cash flow.

The development model was an integral part of the firm’s success when it came to landing development deals with physician-investors and hospital systems, Mr. Rendina told HREI^™ during an interview in the August 2003 edition. (Please see “Redina’s strategy is a hit” in the August 2003 edition.)

In that article, Mr. Redina is quoted as saying: “That structure blows people away. It’s pretty simple, but it’s worked for 20 years.”

At Rendina Cos., which employs about 120 people, officers were not available for comment before this edition of HREI^™ went to press. However, one employee involved in development, said the mood at the firm was certainly somber in the days following Mr. Rendina’s death.

The firm plans to continue operating and pursuing developments as it has for the past decade. David Carrillo is currently the company’s chief operating officer, Richard Rendina, Bruce’s son, is vice president, and David Strachan is vice chairman.

Mr. Rendina is survived by his wife of 28 years, Marjorie, their three sons, Richard, 26, Michael, 23, and David 18. He is also survived by his mother, Rose, and his brother, Richard.

HREI^™ is planning to do a more in-depth story on Mr. Rendina and the transition at Rendina Cos. in our January 2007 issue. q