Healthcare

Henry Ford Health System in Michigan Loses $234.5M in First Quarter, to Furlough 2,800 Employees

by Alex Tostado April 23, 2020

DETROIT — Henry Ford Health System reported a net loss of $234.5 million in the first quarter due to the widespread COVID-19 pandemic. The Detroit-based company says it will furlough 2,800 employees across its six hospitals. In explaining the losses, the health system cited temporary closures, an increased need for caring for COVID-19 patients, and the postponement or cancellation of services and procedures. Additionally, the company expects losses in April and May to surpass the March total. The furloughed employees are those not directly involved in patient care and those from areas where workloads have been drastically reduced or operations have been temporarily closed. Henry Ford Health System employs more than 30,000 people. Executives at Henry Ford Health System will donate between 10 and 25 percent of their salaries to two funds meant to help furloughed employees. The two funds are the newly created COVID-19 Emergency Needs Fund and the Bob and Sandy Riney Helping Hands Fund, which was created in 2012 to help support employees experiencing unexpected hardships. The health system lost $43 million in net operating income (NOI) in March, and net operating loss for the first three months of 2020 was $36.2 million. The company had a …

April 23, 2020

Georgia Healthcare Industrial Southeast

Medical Suppliers Using Port of Savannah to Reach Hospitals in Georgia, Southeast

by Alex Tostado April 22, 2020

SAVANNAH, GA. — Medical suppliers are using the Port of Savannah to ship equipment to hospitals across the state and the Southeast. The Georgia Ports Authority (GPA) is collaborating with companies such as Drive Medical, which is a major supplier of beds, IV poles and other goods, to supply items needed at COVID-19 pop-up hospitals around the country. GPA is providing information such as vessel status, estimated time of arrival and container availability, as well as expedited container processing for cargo destined for COVID-19 hotspots such as New York, Detroit and New Orleans. With help from shipping lines and cargo owners, GPA can also identify containers, locate them on the vessel via U.S. Customs manifests and speed vessel discharge for specific containers. Most of the supplies are moving through the Garden City Terminal.

April 22, 2020

Healthcare Leasing Activity Texas

University of St. Thomas Signs 20,000 SF Medical Office Lease Near Houston

by Taylor Williams April 22, 2020

SHENANDOAH, TEXAS — The University of St. Thomas, a private Catholic college in Houston, has signed a medical office lease in the northern Houston suburb of Shenandoah. The tenant will occupy 20,000 square feet at 121 Vision Park Boulevard, a 58,000-square-foot medical office building that was completed in mid-2019, to support its nursing program. Beth Young of Colliers International represented the university in the lease negotiations. Lisa Hughes and Pamela Sprouse of The J. Beard Real Estate Co. represented the landlord, a partnership between Everson Developments and VP2 Partners.

April 22, 2020

Healthcare Michigan Midwest

Beaumont Health to Temporarily Lay Off 2,475 Employees, Permanently Eliminate 450 Jobs in Michigan

by Kristin Harlow April 21, 2020

ROYAL OAK, MICH. — Beaumont Health says that the financial consequences of the COVID-19 pandemic has forced the organization to adjust its workforce after suffering significant losses during the first quarter. After Beaumont began caring for COVID-19 patients five weeks ago, nearly all inpatient and outpatient surgeries and other non-COVID-19 medical services had to be halted. As a result, Beaumont is temporarily laying off 2,475 of its 38,000 employees. It is also permanently eliminating 450 positions and cutting executive pay. CEO John Fox will take a 70 percent temporary pay cut to his base salary. The other members of Beaumont’s executive leadership team will also take temporary pay cuts up to 45 percent of their total compensation. Of the 2,475 layoffs, most involve hospital administrative staff and others who are not directly caring for patients. Most of the 450 position eliminations are part of the corporate staff or serving in other administrative roles. Beaumont will also pause or cancel some nonessential projects. For the first three months of 2020, Beaumont reported a net operating income of -$54.1 million, a $91.7 million decrease compared to the same time last year. The Royal Oak-based nonprofit hospital is Michigan’s largest healthcare system. It …

April 21, 2020

Acquisitions California Healthcare Top Stories Western

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

by Alex Patton April 17, 2020

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 …

April 17, 2020

Healthcare Leasing Activity Northeast Pennsylvania

Wistar Institute Preleases 8,000 SF Lab Space in Philadelphia

by Alex Patton April 15, 2020

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.

April 15, 2020

Civic Development Healthcare Illinois Midwest

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

by Kristin Harlow April 15, 2020

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.

April 15, 2020

Development Healthcare Hospitality Midwest Missouri

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

by Kristin Harlow April 15, 2020

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.

April 15, 2020

Acquisitions Healthcare Northeast Rhode Island

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

by Alex Patton April 14, 2020

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.

April 14, 2020

Healthcare Leasing Activity New Jersey Northeast

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

by Alex Patton April 14, 2020

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.

April 14, 2020

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