Lillibridge Healthcare Services Inc. Acquires Advocate MOBs

Liillibridge, the nation’s largest owner and manger of medical office buildings acquired 409,000 SF MOB space on five Advocate Health Care hospitals in the Chicago area. Lillibridge now owns and manages 19 buildings totaling 790,000 SF on six Advocate campuses.

 “We have developed a strong relationship with Advocate and understanding of their mission and values, after many years of collaborating with them on several projects within their system, hospitals and the Advocate Medical Group” said Todd W. Lillibridge, President and CEO of Lillibridge Healthcare Services and Executive Vice President of Medical Property Operations of Ventas. “This MOB portfolio acquisition is another important step towards achieving our mutual goal for implementing and supporting today’s outpatient-focused healthcare delivery models.

2013 Emerging Trends in Real Estate report from Urban Land Institute PwC, "medical office space presents compelling investment opportunities as the nation's health care industry balloons to take care of graying baby boomers."

 For the full article: http://www.globest.com/news/12_674/chicago/medical_office/Lillibridge-Acquires-409K-SF-Portfolio-336760.html?ET=globest:e39890:22479a:&st=email&s=&cmp=gst:Chicago_AM_20130819:editorial

Sherman Health Potential Partnership with Advocate Health Care

Sherman Health announced Tuesday its intent to partner with Advocate Health Care and join the largest health system in Illinois. The details of the partnership are still being decided, with the formal transaction expected by next summer.

If all goes as planned, Sherman Health will become Advocate Sherman Hospital sometime between May and July of 2013.

Scott Powder, senior vice president of strategy and growth at Advocate, said Sherman Health fits right into Advocate’s system with a similar commitment to serving the health and needs of the community.

“It really expands our geographic coverage and ability to provide new access points for the patients that we serve and will serve in the future,” Powder said.

The next several months will be spent in a “due diligence” phase of negotiations where the two parties will decide how the partnership will actually affect their organizations, plan for Sherman’s transition into the Advocate system and file legal paperwork for regulatory approval from the government.

How much money will be exchanged in the deal is still unclear, according to Powder, with tentative details still confidential.

For Advocate, Powder called growth an important piece of the system’s strategy.

“In this challenging health care environment, we have lots of dialogue going on at any given time with different organizations about ways we can work together to improve quality and safety and reduce costs,” Powder said.

Advocate is a nonprofit, mission-based health system affiliated with the Evangelical Lutheran Church in America and the United Church of Christ. Sherman has been an independent community hospital since its founding in 1888.

The Elgin hospital sought out potential partners in 2011, narrowing a field of more than a dozen hospital systems to two in July. Oak Brook-based Advocate Health Care was the final choice over Cadence Health, which formed in the March 2011 merger between Delnor Health System in Geneva and Central DuPage Health System in Winfield.

For full article from the Daily Herald by Tara Garcia Mathewson: www.dailyherald.com/article/20120719/business/707199960/

Chicago's Mercy Hospital and Trinity - begin formal merger talks!

Speculated rumors of Mercy Hospital & Medical Center and Trinity Health discussing a merger have been confirmed. Mercy Hospital & Medical Center have signed a letter of intent to begin formal negotiations with Trinity Healthcare based in Novi, Michigan.

Check out the full story here: http://www.chicagobusiness.com/article/20111103/NEWS03/111109871/mercy-trinity-begin-formal-merger-talks/healthcare