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2025 Year In Review

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2025 Year In Review

boldthealthcarerealestate.com


Contents

01 | Message From The President A Letter From Jake Garro

02 | Project Spotlights 3

Key Project Milestones PIH Health Fox Commons UF Health Beaufort Memorial Hospital UNMC

5 6 7 8 9 10

03 | Our People New Team Members Community & Team Events

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Boldt Real Estate 2025 Year In Review

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04 | Industry Insights 2026 Healthcare Real Estate Outlook

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05 | 2025 Interns A Q&A with Anh Nguyen and Will Schmitz

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06 | The Boldt Difference About Boldt Real Estate

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01

Message from the President Jake Garro


Message from the President

“

We exist to help our partners deliver care with greater access, better experience, and stronger value.

Invested In Impact If you asked what I’m most proud of this year, I wouldn’t point to a ribbon-cutting or a dashboard. I’d point to the moments between them—when a

primary care clinic opens closer to where families live; when an ED/UC model gets a patient the right level of care without delay; when staff step into a building that simply works. That’s success—and it’s grounded in a shared belief: when we get this right, communities get healthier.

2025 was a year of building momentum and trust. We broke ground on the UF Health + Intuitive Health emergency and urgent care facility in Jacksonville— pairing speed with a standard of quality that doesn’t compromise. We celebrated a sixth primary care clinic with the University of Nebraska Medicine, proving that thoughtful replication brings care closer, faster. We advanced new partnerships (with more to share soon), including upcoming work at Beaufort Memorial and PIH, each designed around access, experience, and long-term value. Inside Boldt Real Estate, we invested in what makes us durable: people and process. We welcomed new team members, learned from stellar interns, refined our playbooks, and doubled down on clear communication—because complex projects deserve simple, steady leadership.

We exist to help our partners deliver care with greater access, better experience, and stronger value. We develop and invest in projects with an emphasis on what happens after opening day: patient flow, staff efficiency, and total cost of ownership over the long haul. What sets us apart is straightforward: Outcomes first. We measure our work by the

access it creates and the performance it sustains —not by the size of a ribbon. Flexible capital. From at-risk development to sale/leasebacks, JV equity, and physician ownership, we tailor structures to meet each health system’s unique priorities. Speed with discipline. Standardized planning, early entitlements, and national purchasing help us open sooner without sacrificing quality. Radical transparency. Clear budget to inform where every dollar is being spent, and datadriven decisions—so there are no surprises, only choices. Looking ahead to 2026, I’m excited about three things: executing with speed without sacrificing standards, bringing our flexible capital to the right projects at the right time, and elevating the patient experience across every ambulatory setting we touch. We’ll continue to be a partner that plans thoughtfully, builds responsibly, and owns outcomes alongside you. Thank you to our clients, design and construction teams, and the communities that welcome us in. The work matters—and so do the people doing it. Here’s to projects that open on time, care that’s easier to reach, and neighborhoods that feel the difference.

Our “Invested in Impact” mindset guided decisions big and small, from how we structure financing to how we steward each dollar toward better outcomes.

Jake Garro, President

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02 Project Spotlights These stories capture what we aim to do best: put the right care in the right place—sooner—and make it work beautifully for patients and staff. Each spotlight was chosen because it illustrates a different strength of the Boldt model: pairing flexible capital with disciplined delivery, standardizing what should repeat while tailoring to local needs, and turning clinical strategy into buildings that perform on day one and adapt on day two. You’ll see common threads—early entitlements to protect schedules, planning that prioritizes patient flow and staff experience, and transparent underwriting that keeps decisions clear. You’ll also see the human outcomes that matter most: shorter drives, simpler choices, and spaces that help caregivers do their best work. Here are a few of the projects that defined 2025 and point the way to what’s next.

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Boldt Real Estate 2025 Year In Review

Key Project Milestones PIH Health On-Campus Medical Office Building Whittier, CA

Fox Commons Mixed-Use Redevelopment Appleton, WI

UF Health FSED/Urgent Care Facilities Florida

Beaufort Memorial Hospital FSED/Urgent Care Facilities Hilton Head, SC

UNMC Primary Care Clinic Bennington, NE


Whittier, CA

On-Campus Medical Office Building

Client

PIH Health Boldt Role

Owner Developer Project Size

110,000 SF

PIH Health is developing a new 110,000-square-foot, multi-specialty medical office building on the PIH Health Whittier Hospital campus. The project marks a major step forward in expanding access to highquality, coordinated care close to home for patients across Los Angeles and Orange counties. The new MOB will bring a wide range of services together under one roof—making it easier for patients to see multiple specialists, complete diagnostic testing and lab work, and receive treatment without leaving the campus. This project is rooted in a systemwide master planning effort led by PIH Health and Boldt, which evaluated inpatient and outpatient service lines against 30-year market projections to align long-term growth priorities and identify specialty expansion opportunities for the Whittier campus. Planned specialties include an Eye Ambulatory Surgery Center and clinic, ENT, neurosurgery, vascular and general surgery, urology, hematology/oncology, and an infusion clinic with on-site lab—supporting a more seamless patient experience by enabling more care to be delivered in fewer visits with stronger coordination between care teams.

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Boldt Real Estate 2025 Year In Review


Appleton, WI

Mixed-Use Redevelopment

Client

Fox Commons Boldt Role

Owner Developer Project Size

175,000 SF

Fox Commons is the next chapter for the former City Center Plaza—a 175,000-square-foot redevelopment led by Boldt Real Estate and Dark Horse Development. The vision is a connected, mixed-use environment that blends health and wellness, retail, office, and food & beverage to create a place people can visit, work, and gather. A key element of the project is its partnership with Lawrence University, which will include apartment-style housing for up to 174 students and integrated spaces that support academic and experiential learning— helping connect campus life more directly with downtown.

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Boldt Real Estate 2025 Year In Review


Florida

FSED / Urgent Care

Client

UF Health Boldt Role

Fee Developer Project Size

14,300 - 26,000 SF

UF Health is expanding its footprint of integrated healthcare facilities across Florida with the development of a new 14,300-square-foot Free-Standing ED and Urgent Care Center in Oxford. Boldt Real Estate is proud to support this initiative by helping facilitate the project’s execution and strategic rollout. This milestone builds on the team’s October groundbreaking of a 26,000-square-foot Freestanding ED and Urgent Care Center in Jacksonville—reflecting continued momentum behind UF Health’s growth strategy. Both facilities are part of a broader collaboration between UF Health and Intuitive Health, a national leader in the dual-model approach that brings Free-Standing ED and Urgent Care Centers together under one roof. This model will streamline patient care, reduce wait times, and eliminate the confusion of choosing between ER and urgent care—ensuring patients receive the right level of care quickly and efficiently. Each center will offer a full suite of diagnostic and treatment capabilities, including on-site laboratory testing, x-ray imaging, ultrasound, and CT scans. This comprehensive care model is designed to treat both minor illnesses and serious medical emergencies, providing a convenient, one-stop solution for patients and strengthening access to highquality care across Florida communities.

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Boldt Real Estate 2025 Year In Review


Hilton Head Island, SC

FSED / Urgent Care

Client

Beaufort Memorial Hospital Boldt Role

Owner Developer Project Size

11,225 SF

Beaufort Memorial Hospital, Intuitive Health, and Boldt Real Estate are collaborating on a significant healthcare development for Hilton Head Island. Together, they are introducing a new facility that will combine a Free-Standing ED with an Urgent Care Center. This hybrid model is designed to offer both emergency and non-emergency medical services in one location, which is a first for the island. The goal is to improve access to immediate care for both residents and the many visitors who come to Hilton Head each year. The facility will be located on William Hilton Parkway, a central and accessible area, and will span 11,225 square feet. It will operate 24/7, providing round-the-clock emergency care alongside more routine urgent care services. This setup allows patients to be evaluated and treated at the appropriate level of care without needing to visit a hospital, which can save time and reduce costs.

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Boldt Real Estate 2025 Year In Review


Bennington, NE

Primary Care Clinic

Client

University of Nebraska Medical Center Boldt Role

Owner Developer Project Size

13,250 SF

Boldt Real Estate is partnering with the University of Nebraska Medical Center (UNMC) on its sixth primary care clinic—expanding a network of strategically located ambulatory sites designed to improve access to primary care across the Omaha region. The newest location will be situated on Hanover Falls Drive in Bennington, Nebraska, extending the system’s neighborhood footprint. Nearly eight years into the partnership, Boldt and the UNMC have delivered a consistent clinic model that serves as a convenient entry point for patients across the service area. The clinics—Brentwood Village, Chaco, Elkhorn, Fontenelle, Millard, and now Bennington—share a cohesive look and brand experience. Each 13,250-square-foot clinic includes exam and consult rooms (with flexibility to convert as needs change), one diagnostic/X-ray room, and one treatment room. The exam rooms follow an “onboard/offboard” layout, with centralized collaboration space for physicians and staff. As part of the UNMC health center network, the Bennington clinic will provide primary care services to families throughout Nebraska, supporting access across communities from Grand Island to Bellevue.

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Our People


The work we deliver depends on how well we work together. 2025 was a year of growth, and it was also a year of connection. We made a point to get together outside of project deadlines — not for show, but to keep the team grounded, aligned, and proud to be doing this work together.


New Teammates, New Momentum Anthony Lampasona, Project Executive

We welcomed Anthony Lampasona as Project Executive, adding deep expertise in financial modeling, budget management, and strategic development to our team. With over 22 years of experience delivering complex healthcare and mixed-use projects nationwide, Anthony has structured and managed deals that drive portfolio growth. In this role, he leads project and economic development initiatives and oversees financial and deal structures from concept through groundbreaking to ensure efficient, value-driven solutions. Stuart Armstrong, Project Executive

Stuart Armstrong rejoined Boldt in 2025 with more than two decades of national healthcare real estate experience and over 2.5 million square feet delivered. His background spans cancer centers, neuroscience and specialty care programs, rehabilitation hospitals, and large-scale ambulatory developments. He’s led projects beginning to end—from entitlement and municipal coordination through construction and day-two support. Stuart’s strength is keeping strategy, capital, and operations aligned. He understands how clinical goals like access, throughput, and recruitment translate into pro formas, approvals, and schedules. Dave Ausloos — Director of Finance

We welcomed Dave Ausloos as Director of Finance, strengthening Boldt Real Estate’s leadership team and supporting continued growth nationwide. With more than 20 years of finance and accounting experience, Dave has structured and managed project financing that has driven significant portfolio and revenue expansion. In this role, he leads financial planning, reporting, and forecasting and provides strategies to deliver efficient, low-cost solutions for our healthcare and senior living clients.

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Boldt Real Estate 2025 Year In Review

In 2025, our work continued to expand in both scale and complexity. To support that growth, we strengthened our delivery team with experienced talent in key roles. The goal was simple: make sure we have the depth to serve our partners well, keep projects moving with confidence, and be ready for what’s next.

2025 New Hires

Alex LaPlant Real Estate Analyst

Becky Groth Asset Manager

Brad Proell Development Associate

Catherine Ball Senior Project Manager

Kim Quirk Executive Assistant

Matt Mueller Senior Development Manager

Will Schmitz Development Associate

Eleanor Pier Senior Accountant


Community and Team Events

Our team attended the NIC Senior Living Conference, engaging with industry leaders and innovators to explore emerging trends in senior housing and investment strategies. Their presence at this premier event helped strengthen our network within the senior living ecosystem and brought back valuable insights that are shaping our strategic direction for the coming year.

Pictured: Bryce Ternus and Heidi Lau

Our “Why”

At Boldt, we’re dedicated to developing, investing in, and owning needs-based facilities in the communities we serve. For us, it’s more than just business—it’s about building a brighter future. That’s why we invest in community programs, contribute 10% of our profits to annual charitable giving, engage with professional and civic organizations, and offer our employees volunteer time off to make a difference.

Investing

In Impact

Volunteering at New Perspective

Supporting PIH Health

WCREW Golf Outing Sponsorship

Our senior living team joined residents, families, and staff for an Oktoberfest celebration at a New Perspective community — handing out cider, helping with activities, and spending real time with the people who live in the environments we help deliver.

We proudly sponsored two important PIH Health Foundation events: the annual Gala and Golf Tournament, which gathered supporters to raise funds for improving medical technology and patient care within the PIH Health system.

We enjoyed the opportunity to sponsor and participate in this year’s WCREW Golf Event. Our team had a great time on the course, building relationships and supporting WCREW’s mission to empower women in commercial real estate.

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Industry Insights

2026 Healthcare Real Estate Outlook: What to Watch in Capital, Costs, and Care Delivery Patients are moving faster than projects. Clinics near where people live and work are full, yet too many ambulatory plans are still in pre-con. 2026 is the year to close that gap. With fundamentals strong and borrowing conditions easing at the margins, systems can finally trade “wait and see” for “do and measure”: bank the right sites, streamline approvals, standardize what repeats, and use developer capital to preserve debt capacity for clinical priorities. Execution—not enthusiasm—separates openings from intentions. This outlook details where conditions are improving, what risks still deserve respect, and how leaders can translate market tailwinds into operational wins.

Outpatient Keeps Pulling the Train Outpatient care remains the growth engine. Across the top 100 U.S. markets, medical office building (MOB) occupancy has held near record territory thanks to steady absorption and limited new supply. Smaller, fast-growing metros are even tighter, a reminder that access, convenience, and population inflows are the real capacity constraints. Implication for 2026: Health systems will keep prioritizing ambulatory surgery, imaging, and clinic footprints closer to where people live and work—often beyond the core campus—because that’s where access and volume growth converge.

Rates & Credit: Supportive—But Not “Cheap” Markets point to a gentler rate path than in 2024– 2025, but not a return to the near zero era. Translation: debt becomes incrementally friendlier, but discipline still rules. Expect lenders to stay selective and to prize stable rent rolls, strong credits, and clean structures. Work your growth assuming “good, not free” capital.

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Boldt Real Estate 2025 Year In Review

Capital Markets Through mid-2025 the investment market was defined by a wide bid ask spread despite healthy leasing. Trading volumes troughed, driven more by capital frictions than tenant demand. As rate visibility improves, expect the cleanest, best located, system anchored assets to clear first. 2026 outlook: A modest thaw from 2025’s low, uneven by asset quality and tenancy. On/adjacent campus assets and long-term, credit anchored deals should lead.

Capital Markets & Investment Trends Sales momentum returned in 2024 and stabilized in 2025. After a sharp rebound in 2024, activity in 2025 reflected improving liquidity but selective underwriting. Expect gradual volume growth into 2026 as rates ease at the margins and price discovery narrows bid-ask. Pricing turned the corner. By 2025, all property pricing indices showed modest YoY gains versus 2023 declines, with MOB pricing trending up on a $/SF basis as fundamentals and rent growth improved. We expect continued stabilization in 2026 absent a macro shock. Cap rates stabilized. In early 2025, MOB cap rates averaged ~6.9% (first quarterly decrease since mid-2022). Traditional office remained higher and more volatile. Our base case for 2026 is flat to slightly compressing MOB cap rates if financing costs drift lower and NOI grows. Why this matters to health systems: Stable pricing + easing rates improve refi/recap options and developer capital terms, particularly for anchored, well leased assets with clear care delivery value.


Construction & Delivery: A Pulse After the Trough After slowing for two years, the pipeline is showing life. MOB starts rebounded off Q4 2024 lows and accelerated into mid 2025. If that cadence holds, projects that solved entitlement, utilities, and early procurement in 2025 will open while others are still in pre-con. Costs remain the separator. 2024 completions carried materially higher build costs, and new deliveries command higher face rents than the in-place market. That premium won’t vanish in 2026—so owners must defend it with throughput, staffing efficiency, and lifecycle savings; replacement cost alone won’t convince finance committees.

Executive takeaway:

2026 should reward credit quality, location, and operational clarity. If you’re sequencing monetization, align with prototype-driven rollouts to capture stronger pricing.

Balance Sheet Protection + Speed-to-Market With costs elevated and debt capacity precious, systems are leaning into developer-led delivery, ground leases, monetizations, and selective JV equity to sequence rollouts without overconcentrating on-balance-sheet debt. Growth is also pushing farther off campus, which elevates entitlement, neighborhood context (access, parking, wayfinding), and municipal coordination as schedule-critical levers. Pair that with standardized clinic prototypes, early procurement and you have a replicable 2026 playbook. Why prototypes now: Repeating 70–80% of what is in every

clinic unlocks speed, reliability, and better staff/patient flow. Standardization enables parallel entitlement, bulk procurement, and predictable commissioning across multiple sites.

Case In Point

Working with Boldt, the University of Nebraska Medical Center (UNMC) advanced a standardized ambulatory clinic prototype to scale access across its network. The result? A multi-site rollout path with fewer surprises, faster openings, and lifecycle savings that help justify new build rents even as replacement costs stay elevated.

Read The Case Study

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Risk Watchlist for 2026 Rate-path volatility: If cuts stall, cap rate relief could

be uneven, keeping bid-ask wider for longer.

Specialty trades & long-lead equipment: Episodic

tightness persists; failing to lock early packages can slip openings by a quarter. Neighborhood fit: As projects push off campus, traffic,

parking, and signage/wayfinding can become gating items if not pre-vetted.

Counterbalance: Demand is intact and starts have turned up — another reason “entitlement + procurement” remains your best hedge.

How Developers Help Health Systems Financial Expertise & Strategic Planning: Optimize

capital allocation across a multi-site roadmap; align scope, lease terms, and credit with enterprise goals. Risk Mitigation & Cost Control: Proven GMP

strategies, contingency governance, and packagelevel procurement to curb overruns.

Access to Diverse Funding Sources: Lender/investor

relationships enable tailored structures (ground lease, leaseback, tax-exempt pathways where eligible, JV equity). Efficient Project Execution: Integrated development

and construction oversight compresses schedule, bringing revenue online sooner.

Bottom line: Developer partnerships unlock capital,

transfer delivery risk, and preserve borrowing capacity —freeing leadership to invest in care delivery. What We Expect To Be True By Q4 2026

Outpatient demand remains above trend; national MOB occupancy holds ~92% with select metros in the mid-90s, barring a supply surge. Cap rates stabilize or compress modestly from early-2025 peaks as financing costs ease and underwriting visibility improves. Deal volume improves unevenly, with system-anchored, best-located assets clearing first as bid-ask narrows. Delivery advantages decide winners: entitlement readiness, prototype discipline, and early procurement shave months and de-risk outcomes. Sources: Facilities Dive. (2025, March 18). Outpatient practices migrating to office, retail spaces | JLL report. Avison Young Market Intelligence & CoStar. (2025). U.S. medical outpatient building market indicators. REJournals. (2025, March 27). Top five investment trends in healthcare real estate (CBRE data). HFM Magazine. (2025, Feb 18). Hospital construction costs stabilize CBRE. (2025, Dec 2). U.S. Healthcare Real Estate: 6 Key Trends to Watch in 2026 PwC/ULI. (2025). Emerging Trends in Real Estate® 2026 – Medical Office Outlook AIA Consensus Forecast. (2025). 2026 Construction Pipeline Report

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05

Interns Who Left Their Mark

This summer, Boldt Real Estate welcomed two exceptional interns whose work meaningfully advanced our marketing and development efforts. Anh Nguyen supported marketing, and Will Schmitz contributed on the development side. Over the course of the program, they brought fresh thinking, strong follow‑through, and a learner’s mindset—quickly becoming trusted extensions of our team. From day one, Anh and Will immersed themselves in Boldt’s mission to deliver thoughtful, capital‑efficient real estate solutions for healthcare and senior living clients. They consistently translated curiosity into action—asking smart questions, proposing ideas, and taking ownership of outcomes. Anh Nguyen: On the marketing side, Anh played an integral role in keeping our systems organized and our

communications sharp. She helped maintain and optimize our CRM, contributed to blog content, and supported analytics and reporting efforts that shaped our strategy. Her strong research skills proved invaluable—digging into market trends and competitive positioning to help refine our messaging and guide campaign planning. Will Schmitz: As a Development Intern, Will supported a range of initiatives, including site selection research, early-

stage project planning, and market analysis. His attention to detail and ability to think strategically helped advance several active pursuits. He also had the opportunity to attend client meetings and collaborate with cross-functional partners—experiences that gave him a front-row seat to the real-world challenges and opportunities that come with healthcare and senior living development.

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Boldt Real Estate 2025 Year In Review


Q: Tell us a little about yourself. Anh: I am a computer science and marketing double major! I started out in

tech, but a social media internship during my sophomore year opened my eyes to the world of marketing. At first, I didn’t think the two fields had much in common, but with the rise of AI, I’ve realized how powerful it is to understand both the creative and technical sides of the industry. Real estate caught my attention because it is such a broad, dynamic field that touches so many different industries. I wanted to dive right in and learn from the inside out, and have been fortunate enough to experience it at a scale as massive as Boldt! Will: I attended the University of Wisconsin, Madison for my bachelor’s and master’s degrees, where I studied

economics and real estate. Like many of my colleagues in undergrad, I was unsure of what field would best suit me after school. I enjoyed economics because it gave me a 10,000-foot view of business, as I gained a broad understanding of supply and demand, fiscal and monetary policy, and capital markets. When it came time to apply for internships after my junior year, I was fortunate to land a position at a large bank where I supported the national commercial real estate lending team. Here, I was able to gain hands on experience underwriting properties, researching different markets, and observing trends in different property types. I knew real estate was the industry for me after this experience, so I pursued a master’s degree in real estate thereafter.

Q: What projects did you work on over the summer? Anh: Last summer, I’ve been fortunate enough to work on

a wide range of projects, from managing our CRM and outbound media to analytics and reporting! I’ve loved learning something new every day. It has really shown me that there are limitless opportunities in marketing, and I have gotten to dip my toes into many of them! My favorite project so far has been our competitive positioning work, especially seeing it from the perspective of someone new to the healthcare and senior living world. Will: I have split my time between the outpatient medical

development team and the senior housing acquisition team. On the outpatient medical side, I have been supporting the team in site selection, title review, lease abstracting, and other miscellaneous due diligence tasks. On our senior housing team, I support the group in preliminary underwriting of deals, market supply, demand, and competitor research, and development project management. I also support our asset management team by preparing materials for our capital partners and internal stakeholders.

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Boldt Real Estate 2025 Year In Review


Q: What’s your favorite part of working at Boldt? Anh: The team, for sure. Everyone has been so

gracious, supportive, and welcoming! Every day I look forward to coming into work because of the wonderful community that Boldt has built! Will: Outside of getting to spend time with the team in

the office each day, I have appreciated Boldt’s openness to new ideas. The group makes a genuine effort to ensure that all voices are heard. This relates to Boldt’s constant improvement mindset- that idea sharing allows us to improve our processes and grow as a company. Q: What advice would you give to future interns? Anh: My best advice is just to soak it all in and take it

one step at a time. You’ll be learning a ton and meeting lots of new faces; it can feel overwhelming at times, but that’s part of the adventure! Embrace the chaos, stay curious, and enjoy the ride.

Will: I have been fortunate to participate in multiple

internships at different companies in the past. Given my experience, I believe your main responsibility as an intern is to make your team members’ jobs easier. Ask your team how you can help. Make an effort to ensure that the work you’re producing is correct and of high quality. Add more detail than may be required. Ask for feedback afterwards to ensure you aren’t missing anything. Listen attentively and ask good questions when appropriate. Speak up when you have something valuable to add. Bring energy to the office and get to know your colleagues.

Beyond their individual projects, Anh and Will brought energy and professionalism that elevated the work around them. We were especially pleased that Will accepted a full‑time role as Development Associate following the program, and Anh continued her internship into the academic year—contributing while advancing her studies. At Boldt, internships are more than summer roles— they’re opportunities to mentor future leaders and build relationships that last. Anh and Will left a mark on 2025, and we’re excited to see what’s next for both of them.

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Boldt Real Estate 2025 Year In Review


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The Boldt Difference

This year, we’ve continued to redefine what healthcare real estate development can look like—by putting transparency and partnership at the center of every project. At Boldt, transparency isn’t optional—it’s foundational. Our open-book approach ensures you know exactly where costs and savings come from, eliminating guesswork and building trust. We partner with healthcare clients to deliver smart, cost-effective solutions that align with your goals and resources. With over 90% client retention, we’re proud to be a trusted ally in shaping the future of care.

2500+ $2.5B+ Employees

In Healthcare Real Estate Developed Since 2000

135+

$6.5B+

Years In Business

In Healthcare Construction Since 1995

Project Locations

Get In Touch Chris White | Business Development Manager

chris.white@boldt.com 20

Boldt Real Estate 2025 Year In Review


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