Community Health Systems To Sell Three Hospitals In Florida For $280 Million

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Community Health Systems has signed a deal to sell three of its hospitals in Florida for $280 million in cash.

The provider of healthcare and outpatient services said it will sell facilities in Brooksville, Crystal River and Spring Hill, along with their associated assets, to Tampa General Hospital and some of its affiliates.

The $280 million cash consideration doesn’t include anticipated purchase price adjustments for net working capital as well as capital leases assumed by the buyer. Including those figures, the cash consolidation is closer to about $290 million.

The deal is expected to close later this year.

Shares advanced 6% to $4.69 in after-hours trading.

 

Source: Market Watch

Tennessee Oncology Building New $120M Nashville Corporate Headquarters And Medical Center

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Tennessee Oncology, one of the nation’s largest cancer-care providers, is building a new, $120 million medical center and corporate headquarters in downtown Nashville.

The 200,000-square-foot medical center and office building will be located at 322 22nd Ave. N. in Midtown, between Centennial Medical Center and Ascension Saint Thomas Midtown. Medical services will include oncology, infusion, imaging, pharmacy and related services, the company announced this week.

The project is expected to be completed in the summer of 2025.

“We are excited to build a state-of-the-art cancer center in Nashville and expand our ability to care for patients throughout Tennessee,” said Natalie Dickson, president and chief strategy officer for Tennessee Oncology, in a news release. “There is enormous innovation in cancer care bringing patients more diagnostic and treatment options than ever before. By making this significant investment in a new cancer center, our physicians and staff are demonstrating our commitment to ensure patients in Tennessee continue to have access to the most cutting-edge treatments available anywhere in the world.”

The company has partnered with Birmingham, Alabama-based Johnson Healthcare Real Estate for the development and management of the project. Nashville-based Gresham Smith is providing engineering and design services.

 

Source: yahoo!news

Miami-Based Vitalis CEO On Medical Office Growth In Region, State

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Jacksonville is an excellent target area for growth in the health care real estate sector, said the CEO of a firm specializing in medical office space that has just entered the market.

St. Johns Vein Center at 8767 Perimeter Park Blvd. (PHOTO CREDIT: VITALIS)

Miami-based real estate investment firm Vitalis bought the 10,647-square-foot St. John’s Interventional and Vascular Institute last month for $3.8 million. Located at 8767 Perimeter Park Blvd. near Tinseltown, the property is the home of St. Johns Vein Center, a vascular catheterization laboratory that is one of the few vascular testing facility in the region.

“Jacksonville’s positive demographic trends for health care and demand led to the deal — and that more might be on the way,” Vitalis founder and Managing Director Elliot LaBreche told the Business Journal. “It’s a higher acuity use, those tenants tend to stay and reinvest in their space. They don’t move around a ton.”

Vitalis, which has properties in 12 states, has done a variety of deals in the health-care-focused real estate space, including providing bridge loans to developers, sale-leasebacks and tenant representation.

Growth in the sector is driven by an aging population and changes in the way health care is provided, with services like surgery, imaging, gynecology or orthopedic care taking place outside of hospitals.

“You have insurance companies pushing health systems to deliver care in a more cost-effective way, and that’s not in a hospital. It’s really in these outpatient facilities,” LaBreche said. “There are a lot of growth drivers for these facilities to do really well.”

In the wake of the vein center acquisition, LaBreche said Vitalis has a letter of intent signed for another Jacksonville property, a surgery center.

“We’re just as interested in growing in the Northeast part of Florida because deals are a little more attractive from a buyer’s standpoint, but the fundamental drivers for healthcare are there,” LaBreche said.

Pivotal Healthcare Partners acquired St. Johns Vein Center in February. Given the property’s central location, size, and cutting-edge catheterization lab, Pivotal Healthcare Partners’ plans to designate St. Johns Vein Center as the hub all affiliated practices will refer their higher-acuity catheterization lab procedures toward, a press release said.

 

Source: JBJ