- Baltimore City (MD) announced a $48M PILOT (payments in lieu of taxes) agreement with several hospitals and universities. Under the agreement, annual PILOT payments by hospitals and universities will grow from $6M to $12M. Hospitals signing the agreement include Johns Hopkins Hospital, University of Maryland Medical Center, MedStar Hospitals, Sinai Hospital and Grace Medical Center.
- Clarksville, Tennessee continues to make headlines in light of significant population growth and several new hospital projects that have been announced. Clarksville, which is about 50 miles from Nashville, has seen its population grow by 82% over the past few years. Hospital operators have taken notice. Both Ascension and HCA’s TriStar Division have received Certificate of Need approval for the construction of two hospital projects expected to cost $400M in total.
- Regional One Health (TN) announced plans to move forward with a new $900M academic medical center project at a new location in Memphis, Tennessee. The project will be constructed in collaboration with the University of Tennessee Health Science Center. The project will be funded, in part, by $500M in funds from Shelby County and various forms of philanthropy.
- MUSC Health (SC) has broken ground on a new $300M project that will include a 50-bed hospital and medical outpatient building (MOB) on an 84-acre parcel in Indian Land, South Carolina. The population in Indian Land is expected to grow by 7% over the next five years.
- ScionHealth is seeking an experienced attorney to oversee its mergers and acquisitions, along with real estate transactions. A link to the job posting can be found here.
- The metro areas with the largest MOB inventory growth are: 1) Raleigh – 18.5%; 2) Orlando – 17.9%; 3) Columbus – 14.4%; 4) Charlotte – 13.9%; and 5) Austin – 12.9%.
- MOB pricing may be subject to manipulation in portfolio transactions, according to a new article. According to the article, Sellers of MOBs that are looking to avoid right of first offer obligations under ground leases may adjust cap rates within the portfolio to make certain assets less desirable to purchase.
- Shriners Children’s has signed a lease for 159,000-sf of space within Science Square Labs, an office and lab building in Atlanta, Georgia. The space will be used for pediatric medical research. The lease represents the largest leasing transaction in the metro Atlanta area this year.
- UConn Health (CT) is in talks to buy three Connecticut hospitals, including Bristol Hospital, Day Kimball Hospital and Waterbury Hospital, for an estimated $400M.
- The former Sacred Heart Hospital campus in Eau Claire, Wisconsin, has been sold to a developer who plans to redevelop the 600,000-sf hospital property into a medical research and technology campus.
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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.
