With a new capital partner onboard to accelerate acquisitions and fund development projects, the longtime HRE firm is bullish about its future
By John B. Mugford
The Rendina Healthcare Real Estate leadership team includes Steve Barry, Michael Rendina, Richard Rendina, David Rendina and Brian Cich. (Photo courtesy of Rendina)
A little more than a decade ago – before, during and for some time after the Great Recession of 2007-09 – the future of Jupiter, Fla.-based Rendina Healthcare Real Estate, one of the healthcare real estate (HRE) sector’s pioneering firms, hung in the balance.
The firm had sold nearly its entire medical office building (MOB) portfolio in two large transactions in 2005 and 2007, as well as its property management division. The company’s founder and the face of the organization, Bruce A. Rendina, had died at the age of 52 in December 2006 after a 17-month battle with brain cancer. And, of course, new development – the company’s bread and butter – came to a standstill during the Great Recession for Rendina, as it did for almost all most commercial real estate firms.
Yet, despite the perils the company faced, the new CEO, Bruce’s son, then-26-year-old Richard M. Rendina, as well as others involved, decided to go all in toward growing the firm to prominence once again.
In 2013, Richard Rendina told Healthcare Real Estate Insights™: “We didn’t really have anything in the pipeline when my father passed, nothing that was coming up soon. We’re only as good as our last deal and getting in front of our clients and letting them know we’re here to stay (was important). We had to prove ourselves all over again.”
In a way, it was almost like starting an HRE development firm from scratch.
As part of that process, Rendina formed an advisory board, bringing in, as advisors and strategists for the firm, retired and semi-retired healthcare executives from both health systems and the development side of the business.
The Great Recession and its lingering aftereffects provided a major challenge for the rebuilding firm, which was renamed from its earlier name, Rendina Companies, to Rendina Healthcare Real Estate. But Richard forged ahead with the help of his two younger brothers, Michael D. Rendina, who has been with the firm since 2005 is now the chief operating officer, and David B. Rendina, now the executive VP of development and acquisitions.
The firm also made a key personnel move in June 2007, promoting Stephen K. “Steve” Barry to senior VP of business development & leasing. Mr. Barry, who had joined the firm as leasing director in 2004, thrived in his new assignment, moving up to executive VP – business development in January 2013 and was named president of the firm in July 2018.
The Rendinas also looked for guidance from other experienced professionals within the firm, including some who had retired, and professionals in the healthcare and HRE sectors. It was also blessed with several loyal employees who stuck with the firm and, with the Rendinas and Mr. Barry, comprise a remarkably stable and long-tenured leadership team. They include: Lawrence “Larry” Juran, who joined the firm in 1998 and who is now vice chairman; Brian Cich, who joined the firm in 2005 and is now chief operating officer; Brian Mock, who joined the firm in 2000 and is EVP – construction and development; Brad Shockley, Senior VP – design & development, who joined the firm in 2001; Gant Braley, who came to Rendina in 2002 and has risen through the ranks to become EVP – development & leasing; and Benny Flores, who came to Rendina in 2004 and is now president – property management.
Not to dwell on all that the firm endured during the early years of the rebirth, but that period also included Richard Rendina’s own battle with, and subsequent recovery from, cancer in 2011 and 2012.
Today, however, Rendina Healthcare Real Estate is
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
