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AcquisitionsCaliforniaHealthcareTop StoriesWestern

Verity Health System Sells St. Vincent Medical Center in Los Angeles for $135M

by Alex Patton

LOS ANGELES — Verity Health System has sold the 381-bed St. Vincent Medical Center in Los Angeles for $135 million. The hospital is currently operating on a temporary lease with the State of California as a surge facility for treating COVID-19 patients. The buyer, surgeon and medical researcher Dr. Patrick Soon-Shiong, will continue to honor the lease with the state, while also using several buildings as facilities for COVID-19 research. Soon-Shiong is the principal officer of the Chan Soon-Shiong Family Foundation, a California-based private grantmaking organization. “Verity Health is proud of its partnership with the State of California and is confident that Dr. Soon-Shiong and his team will continue to enhance the collaboration with the state and local government to address COVID-19,” says Rich Adcock, CEO of Verity Health. Verity Health System filed for bankruptcy in summer 2018. The U.S. Bankruptcy Court for the Central District of California in Los Angeles recently approved the sale of the nonprofit’s assets, including St. Francis Medical Center in Lynwood to Prime Healthcare. Located at 213 W. 3rd St. in the Westlake neighborhood of Los Angeles, the Daughters of Charity of Saint Vincent de Paul originally opened the hospital in 1856. The property closed …

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3.0-university
HealthcareLeasing ActivityNortheastPennsylvania

Wistar Institute Preleases 8,000 SF Lab Space in Philadelphia

by Alex Patton

PHILADELPHIA — The Wistar Institute, a nonprofit infectious disease and vaccine research institution, has preleased an 8,000-square-foot research lab space in Philadelphia. The space, which will be known as Wistar Discovery Center, will be located on the third floor of 3.0 University Place, a 250,000-square-foot life sciences office development in the University City area. Wistar will maintain its headquarters at 3601 Spruce St. The building is slated for completion in the third quarter of 2021. University Place Associates is the developer.

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CivicDevelopmentHealthcareIllinoisMidwest

Alternate Care Facility at Chicago’s McCormick Place Convention Center Expected to Be Complete by April 24

by Kristin Harlow

CHICAGO — The temporary conversion of a portion of Chicago’s McCormick Place Convention Center into an alternate care facility for COVID-19 patients is expected to be complete by Friday, April 24. Walsh Construction, the contractor for the project, completed the first 500 beds earlier this month. The facility will have the capacity to treat up to 3,000 low-to-moderate acuity patients across three of the convention center’s halls. Patients will be separated by the level of care required. The Metropolitan Pier and Exposition Authority and the U.S. Army Corps of Engineers are directing the conversion of the temporary field hospital. The project is designed to relieve pressure on the city’s hospital system by freeing up beds for more patients with severe COVID-19 cases in anticipation of a surge in positive diagnoses. Stantec provided design and engineering services for the project.

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DevelopmentHealthcareHospitalityMidwestMissouri

Tarlton Completes Missouri’s First COVID-19 Alternate Care Facility

by Kristin Harlow

FLORISSANT, MO. — Tarlton Corp. has completed the conversion of a Quality Inn hotel in Florissant into the state’s first alternate care facility to treat non-acute COVID-19 patients. The facility, if needed, will serve as backup for patients referred by St. Louis-area hospitals. Members of the Missouri National Guard will staff the facility. Tarlton worked with the U.S. Army Corps of Engineers on the project, as well as Ross & Baruzzini, Rock Hill Mechanical Corp. and Guarantee Electrical Co. The 4.5-day project yielded more than 100 patient rooms on the four floors of the 130-room hotel. The team built a nurse’s station on each floor and turned the existing phone system into a nurse call system. The project assignment came just hours after Tarlton President Tracy Hart and COO Dirk Elsperman lost their father, Bob Elsperman, to COVID-19. Bob Elsperman led Tarlton from 1972 to1999. He was admitted to a St. Louis-area hospital on March 30 and died eight days later at the age of 83.

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AcquisitionsHealthcareNortheastRhode Island

Eastie Realty Purchases Medical Office Building in Providence, Rhode Island, for $3.5M

by Alex Patton

PROVIDENCE, R.I. — Eastie Realty LLC, a Boston-based investment firm, has purchased a 13,818-square-foot medical office building in Providence for $3.5 million. Located at 111 Plain St., the property is fully leased to Rhode Island Hospital, the flagship hospital of Lifespan Health System. The building is also located near Hasbro Children’s Hospital, Women & Infants Hospital and Brown University’s medical campus. Joseph Alvarado, George Deoulas and Casey Valente of Newmark Knight Frank represented the seller, Legacy Real Estate Ventures, in the deal. The team also procured Eastie as the buyer.

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HealthcareLeasing ActivityNew JerseyNortheast

Premier Dermatology Signs 5,214 SF Medical Office Lease in Haddon Heights, New Jersey

by Alex Patton

HADDON HEIGHTS, N.J. — Premier Dermatology has signed a 5,214-square-foot medical office lease in Haddon Heights, a southeastern suburb of Philadelphia. Located at 500 Grove St., the 31,800-square-foot building was completed in 1975 and offers quick access to Interstate 295. Other tenants include clinical diagnostic company LabCorp, nonprofit healthcare company Virtua and American Water Co. Mike Scanzano of Wolf Commercial Real Estate (WCRE) represented Premier Dermatology in the lease negotiations. Ryan Barikian, also with WCRE, represented the landlord, 500 Grove Associates LLC.

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AcquisitionsCaliforniaHealthcareTop StoriesWestern

Prime Healthcare Agrees to Acquire Hospital in Los Angeles County for Over $350M

by John Nelson

LYNWOOD, CALIF. — Prime Healthcare, a private healthcare system based in Ontario, Calif., has agreed to acquire St. Francis Medical Center, a 384-bed hospital in the Los Angeles County suburb of Lynwood. The U.S. Bankruptcy Court for the Central District of California in Los Angeles recently approved Prime Healthcare’s purchase agreement with the seller, Verity Health System, a California-based healthcare system that filed for bankruptcy in summer 2018. As part of the agreement, Prime Healthcare will purchase St. Francis Medical Center for more than $350 million, which includes a $200 million base price and a $15 million in payroll and benefits for staff. The firm will also invest $47 million to make technological and system upgrades, as well as finalize employee agreements with the hospital’s current staff. The remaining balance of the purchase price was not specifically categorized. Prime Healthcare has agreed to honor the Attorney General and Bankruptcy Court conditions recently issued for this sale to preserve the hospital, trauma care, service lines, charity commitments and community benefit programs. “Our agreement with Verity reflects our decades-long mission of saving, improving and investing in community hospitals,” said Dr. Sunny Bhatia, Prime Healthcare’s Region 1 CEO and corporate chief medical officer. …

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GeorgiaHealthcareSoutheast

State of Georgia to Set Up Alternate Care Facility at Georgia World Congress Center for Coronavirus Patients

by Alex Tostado

ATLANTA — The State of Georgia has signed a contract with Pacific Architects and Engineers (PAE) to build a 200-bed, alternate care facility at Georgia World Congress Center (GWCC) in downtown Atlanta for coronavirus (COVID-19) patients, Georgia Gov. Brian Kemp announced Sunday. Starting immediately, the Georgia National Guard, Georgia Emergency Management and Homeland Security Agency, Department of Community Health, Department of Public Health and contractors will begin to prepare GWCC to house and treat patients with mild to moderate illness levels excluding ventilator support. Nearby Grady Memorial Hospital will lend additional support to the center. As of Monday, April 13, there have been 10,726 confirmed cases in Georgia and 1,422 in Fulton County, according to Johns Hopkins University (JHU). HealthData.org projects the peak date for COVID-19 cases in the state will be Sunday, April 26.

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DevelopmentHealthcareTexas

MedCore Partners Breaks Ground on 29,600 SF Healthcare Project in Metro Austin

by Taylor Williams

CEDAR PARK, TEXAS — MedCore Partners, a Dallas-based healthcare development and brokerage firm, has broken ground on Hill Country Medical Plaza, a 29,600-square-foot medical office project in the northern Austin suburb of Cedar Park. The two-story building will be located adjacent to a 93-bed hospital and is 77 percent preleased to tenants such as Texas Digestive Disease Consultants and Hill Country Endoscopy Center. Felder Group Architects is designing the project, and IE2 Construction Inc. is the general contractor. Completion is slated for October.

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HealthcareTexas

Dallas Hospitals Report Occupancy Rates, Ventilator Usage

by Taylor Williams

DALLAS — On Wednesday afternoon, 24 hospitals in the Dallas area reported aggregate bed and ventilator capacity numbers to Mayor Eric Johnson’s office, pursuant to emergency regulations set forth in response to the COVID-19 outbreak. According to the data, approximately 54 percent of the hospitals’ total of 5,354 beds are occupied, while roughly 62 percent of intensive care beds are occupied. Of the 900 or so ventilators, about 32 percent are in use. As of Friday, April 10, Dallas County had reported 1,432 cases of COVID-19.

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