Rendina Cos.’ three-story, 60,000 square foot Harker Heights Medical Pavilion opened last year. It was developed in conjunction with, and is located on, the new campus of the Seton Medical Center Harker Heights, about 80 miles north of Austin, Texas. Photo courtesy of Rendina Cos.
It’s been a rocky road, but the pioneering development firm is once again on a roll
By Murray W. Wolf
Editor’s note: An edited version of this article appeared in the July 2013 edition of Healthcare Real Estate Insights™. What follows includes a complete transcript of the interview with Richard Rendina.
This doesn’t seem like it will be a story with a happy ending.
A healthcare real estate (HRE) firm’s founder, CEO and primary new business developer dies of cancer at the age of 52 in 2006, leaving his oldest son in charge at the tender age of 26.
The firm sells its property management division and nearly its entire medical office building (MOB) portfolio during 2005-07, adding to concerns about its future viability and commitment to the MOB space.
Recognizing the need to reestablish relationships and credibility with both existing clients and new prospects, the son works with one of his two younger brothers and his experienced executive team to take steps to restore confidence and rebuild the business – only to run into the teeth of the Great Recession of 2007-09 and the healthcare reform hangover of 2010.
The company endures one and a half years without starting a new development project and a third of the employees have to be let go when the recession hits.
Then, when it finally seems the firm has turned the corner in 2011-12, first the son, then one of the firm’s other executives, receive their own cancer diagnoses.
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