- CVS Health announced plans to buy Oak Street Health for $9.5 billion in cash. Oak Street Health is a large primary care provider with 160 locations. CVS plans to grow the Oak Street business to 300 locations by 2026.
- Tower Health is planning to sell 17 urgent care centers in the coming months. The sale is designed to improve Tower’s financials. This news comes on the heels of Providence closing 27 urgent care locations in Southern California last year. Traditional health care providers have struggled, in some cases, to successfully operate retail health centers, while non-traditional providers are pushing into the space.
- Henry Ford Health announced a massive $2.5 billion dollar development plan involving the Detroit Pistons and Michigan State University. The plan includes a $1.8 billion dollar hospital in Detroit with 877 beds and a medical research center with MSU. The development will be near the Henry Ford Detroit Pistons Performance Center.
- University of Utah is moving forward with its $800 million hospital and health care campus in West Valley City, Utah. The project will break ground in 2024 and will include 187 inpatient beds, 22 ER beds, and 25 operating rooms. The project will also include a large outpatient building consisting of 159,000 sf. The plans call for a future education building and event plaza as well.
- Hall Render will be hosting an Employment Law Summit for health care providers and in-house counsel for health care providers from March 9-10th in Scottsdale, AZ. Please reach out to Andrew Dick or Joel Swider for more details.
- CommonSpirit, through one of its affiliates, has acquired a minority stake in a prominent private hospital in the United Arab Emirates. CommonSpirit operates 140 hospitals and more than 1,500 care sites in the U.S.
- The South Carolina Senate approved a bill that would repeal it’s Certificate of Need (CON) law for most health care facilities. The bill will move to the House of Representatives for review.
- North Carolina legislators are considering a Medicaid expansion bill that includes a repeal of its CON law.
- A conservative advocacy group is pushing Georgia legislators to reform its CON law. Over the years, Georgia has relaxed a number of CON requirements for health care providers.
- H2C published new data indicating that municipal bond issuance is down 17% year to date. Higher interest rates have resulted in fewer government and non-profit health care providers going to market to place debt.
For more information on real estate matters, please contact:
- Andrew Dick at adick@hallrender.com or (317) 977-1491;
- Joel Swider at jswider@hallrender.com or (317) 429-3638; or
- Your primary Hall Render contact.
Special thanks to Thomas Dziwlik, undergraduate intern, for his assistance in the preparation of this article.
Hall Render blog posts and articles are intended for informational purposes only. For ethical reasons, Hall Render attorneys cannot give legal advice outside of an attorney-client relationship.
