- Georgia legislators have passed a bill to relax Certificate of Need rules for certain hospital projects in rural areas of the state. The bill still requires additional approvals before it becomes law.
- Florida legislators proposed a series of bills to limit the liability of passive investors in assisted living facilities (“ALFs”) located in Florida. According to a recent survey, the number of lawsuits filed against ALFs in Florida is double the national average, which is driving up insurance rates for ALF owners and operators.
- Northwell Health and Nuvance Health announced plans to merge. If the merger is approved, it would create a health system with 28 hospitals, 14,000 clinicians and 1,000 outpatient sites across New York and Connecticut.
- CBRE published the results of its 2024 Health Care Investor & Developer Survey. Key takeaways include: 1) More capital is being allocated to health care real estate than in previous years; 2) Atlanta, Dallas and Phoenix are top markets for investors; 3) On-campus assets command a 50 bps cap rate premium over off-campus assets; 4) Investors expect 2% to 4% rent growth this year; and 5) MOBs and ASCs are the most attractive assets.
- Hall Render and The Advisory Group, LLC, are surveying hospitals and health care providers on how they establish timeshare rental rates. A link to the survey can be found here. If your organization participates in the survey, a summary of the results will be made available to you free of charge and your organization’s name will be kept confidential. Please contact Ron Young with any questions at ronyoung@advisory-group.com.
- Henry Ford Health has secured the necessary approvals from the Detroit City Council to move forward with its $3B hospital expansion. The project includes a new 400-room patient tower, a new research center with Michigan State University, two new residential buildings and a new parking garage.
- Penn Medicine is planning a $400M cancer center on its Princeton Medical Center campus in Plainsboro, NJ. The project will include 195,000-sf of clinical space, along with an imaging center and parking garage.
- ChristianaCare and Emerus have partnered to develop three neighborhood hospitals in Pennsylvania. One will be located in West Grove and the others in Delaware County.
- Acadia Healthcare has purchased several parcels of land in St. Johns County, Florida for $9M and is planning to construct a nearly 100,000-sf behavioral hospital on the property.
- The owner of the former Wellstar Medical Center in Atlanta that closed in 2002 may allow the facility to be used by homeless residents for a period of time. The city has been in discussions with the owner to sell the campus to another operator who will agree to reopen the hospital.
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.
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.
