- Seven metro areas accounted for approximately one-third of the inventory growth in independent living over the past year. The areas were (i) Dallas; (ii) Houston; (iii) Austin; (iv) Detroit; (v) Philadelphia; (vi) Ft. Myers; and (vii) Columbus, OH.
- Lending for new senior living projects was constrained in Q4 2023, according to a recent report. Lenders primarily sought out stabilized, well-operated buildings, as banks imposed stricter lending standards and experienced wider bid-ask spreads.
- A North Carolina hospital that closed last year may emerge from bankruptcy and reopen as a rural emergency hospital. Twelve providers responded to a recent public RFP to select an operator of the facility.
- Nonprofit operator Community Health Network announced plans to build a $335M hospital in Westfield, IN (20 miles north of Indianapolis). The 425,000-sf facility will feature a mix of new construction and adaptive reuse of a former business park.
- Eastern Niagara Hospital, near Buffalo, NY, has been put up for auction for a second time. After the hospital filed bankruptcy, creditors initially held an auction in late April, but the court-appointed receiver rejected all offers.
- A recent article on HCA Healthcare indicated it has invested $2.5B in the Kansas City market since 2003 and is now the largest private-sector employer in the city (ahead of Oracle Cerner). A substantial part of HCA’s strategy in Kansas City has been the expansion of its real estate footprint.
- The New Jersey Senate passed a bill that would allow school districts to lease unused property to FQHCs for a nominal fee and without following a competitive bidding process. This would expand the current law, which allows school districts to lease excess buildings to certain other governmental bodies and a narrower set of nonprofit organizations such as hospitals and homeless shelters.
- A study of ASC saturation in Houston, TX showed a link between the region’s best-performing ASCs and the highest-income ZIP codes. Houston recently ranked second (behind Atlanta) in the highest number of high-performing ASCs among major U.S. cities, per U.S. News & World Report.
- Roper St. Francis Healthcare owns approximately 78 acres in Mt. Pleasant, SC (near Charleston). The provider recently identified 14 acres of land as a potential site for a new housing development for medical workers and first responders, as the average sales price for single-family homes in the area is over $1M.
- Becker’s published a roundup of 7 recent MOB deals totaling over $120M. The properties are located in Florida, Pennsylvania, Massachusetts, Maine and Arizona.
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.
