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HCA Healthcare Emerges As The $25.5 Million Dollar Buyer Of The 30-Acre Franklin Summit Development Site In Greater Nashville

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One of Franklin’s high-profile, vacant properties has a new owner — and it’s not a mixed-use developer.

HCA Healthcare, through a subsidiary called Judson Holdings LLC, paid $25.5 million for 30 acres along Interstate 65 and McEwen Avenue in Williamson County, according to newly filed deeds. The site, dubbed Franklin Summit, is one of the largest vacant, developable chunks of land in Greater Nashville.

An aerial shot of Franklin Summit, which sits at the intersection of Interstate 65 and McEwen Avenue.
(PHOTO CREDIT: FOUNDRY COMMERCIAL)

The signature of Nick Paul, HCA’s vice president of real estate, appears on one of the transaction deeds. Jeff Calk — an attorney at Waller Lansden Dortch & Davis LLP who’s known for representing hospital systems and other health care clients in real estate transactions — is also listed in filings.

It’s unclear what HCA, which is the city’s biggest publicly traded company and the nation’s largest hospital operator, is planning to do with its new land.

“We purchase land from time to time for potential use in the future. We don’t have any plans for the property at this time,” HCA said in a statement to the Nashville Business Journal.

Don Albright of Foundry Commercial represented the property’s seller, SS McEwen 65 LLC, in the transaction, according to a press release. An initial land deed listed SouthStar, a Brentwood real estate firm, as buyer, but a subsequent filing showed that SouthStar had flipped the land to HCA’s Judson Holdings LLC.

Franklin Summit’s current zoning allows for up to 12 stories.

“It’s considered one of the most prominent development sites in the Nashville area,” Albright said in the release.

He did not return a request for comment. Last June, Albright described a then-prospective buyer, which had just requested an extension on its purchase contract, as an out-of-state developer with “extensive experience and a successful track record in the Nashville metro area.” It’s unclear what changed.

The newly sold land, which sits on a hill overlooking the interstate, is one of a collection of development sites primed for mixed-use projects in the area. Another, Ovation, sits less than a mile away. Highwoods Properties now owns the majority of that 143-acre property, and SouthStar used to own half of the site.

A couple miles away, the Nashville office of Holladay Properties is revamping The Factory at Franklin, a once-industrial site built in 1929. The property could soon hold plazas, courtyards and alleys, in addition to pre-existing retail space.

 

Source: Nashville Business Journal

HCA Healthcare And Brookdale Senior Living Sell Off Large Chunk Of Home Health Joint Venture

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A little more than two months after closing a $400 million deal to purchase a majority stake in Brookdale Health Care Services, HCA Healthcare Inc. is selling off a large chunk of its new joint venture.

Home health care provider LHC Group has agreed to purchase 23 home health locations, 11 hospice and 13 outpatient therapy agencies across 22 states from the HCA and Brookdale Senior Living joint venture, according to a news release. Terms of the deal, which is expected to close in the fourth quarter, were not disclosed.

HCA officially completed its purchase of a majority stake in BHS — Brookdale’s home health, hospice and outpatient therapy business — in July at a price tag of $400 million.

The deal implied a $500 million value for BHS, enabling Brookdale to retain a 20% stake in the division. At the time, BHS operated 57 home health agencies, 22 hospice agencies and 84 outpatient therapy locations across 26 states, providing care at Brookdale facilities and inside patients’ homes.

The facilities that are being sold to LHC Group are not in HCA markets, according to the release. HCA (NYSE: HCA) is Nashville’s largest publicly traded company and the nation’s biggest hospital operator, with $51.5 billion of revenue in 2020. The company operates 185 hospitals across 20 states.

“In July, HCA Healthcare purchased a majority stake in Brookdale Health Care Services to expand access to healthcare services for our patients,” HCA CEO Sam Hazen said in the release. “We believe the sale to LHC Group of these sites of care, which were part of that transaction and are not in communities we currently serve, positions them for continued success.”

Brookdale is the nation’s largest senior-living community operator, with 737 facilities in 44 states. The company reported $3.5 billion of revenue in 2020, making it one of Nashville’s largest publicly traded health care companies, according to Nashville Business Journal research.

Brookdale received $300 million upfront as part of its joint venture deal with HCA, strengthening the Brentwood-based company’s liquidity and creating value for shareholders.

The sale of a large portion of BHS to LHC Group brings more liquidity to Brookdale, according to the release.

“We are looking forward to working with LHC Group, another national provider of healthcare services,” Brookdale CEO Cindy Baier said in the release. “This transaction will further strengthen our liquidity, maintain our 20% interest in the venture with HCA Healthcare, and ensure that high-quality home health and hospice services continue to be available to our residents at communities in these markets. I’m pleased that Brookdale’s residents will benefit from a seamless offering of services across our broad care continuum.”

 

Source: Nashville Biz Journal

Five Hospitals Buying Land For Expansions

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Below are five hospitals or health systems that purchased or announced plans to buy land for expansions in the last three months.

1. HCA buys land, plans freestanding ED
Nashville, Tenn.-based HCA Healthcare has purchased a plot of land in Tennessee to build a freestanding emergency department.

4. Ascension St. Vincent’s buys 33 acres for Florida hospital
Jacksonville, Fla.-based Ascension St. Vincent’s purchased a parcel of land in Florida’s St. Johns County for nearly $18 million.

5. Encompass Health buys land for rehab hospital in Florida
Birmingham, Ala.-based Encompass Health bought a plot of land in St. Augustine, Fla., to build a new hospital, the company said July 10.

2. South Carolina hospital buys land for expansion
The board of Orangeburg, S.C.-based Regional Medical Center agreed to buy a 6.5-acre plot of land for an expansion.

3. University Health System to buy land in San Antonio for new hospital
San Antonio-based University Health System plans to buy an 80-acre parcel of land to build a second hospital.

Source: Becker’s Hospital Review