Every PACE center is a conversion, because nobody builds for this program and waits for a tenant. Here is the order I screen a market in, so the expensive diligence only ever runs on buildings that already survived the free checks.

Teams that have built medical office space walk into a PACE project expecting exam rooms and hallways, and find they're designing a community center with a clinic inside it. The program, the site constraints, and the long licensing runway that make PACE real estate its own animal.