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/

Centegra Hospital Joins Huntley Community

Village of Huntley reported that on July 24, 2012, Illinois Health Facilities Services along with the Review Board approved Centegra Health System's plan to build a 128-bed hospital in Huntley, IL. Over the last 30 years this is only the second hospital to be approved in the state of Illinois.

This new hospital will not only allow the residents of southern McHenry County and northern Kane County to have better access to hospital care but will create 800 construction jobs, and employ 1,100 area residents. The new hospital is scheduled to open its doors in 2015.

For the full story click here.

Ventas Purchases 72 MOBs for $760 Million

In an all-cash transaction, Ventas, Inc. has acquired Cogdell Spencer Inc., and its 72 medical office buildings. With coast-to-coast presence and over 20 million SF owned or managed, this acquisition will make Ventas the leading medical office building business in the United States.

For more details: http://www.rejournals.com/2011/12/27/ventas-buys-72-mobs-for-760-million/

Alexian Brothers Names First Layperson CEO

Longtime executive, Mark Frey, 56 named as new CEO of Alexian Brothers Health System as they prepare to merge with Ascension Health.

Frey has been with Alexian Brothers for more than 25 years, holding positions such as CEO of Alexian Brothers Behavioral Health Hospital. Frey will be the first layperson appointed as president and CEO in the health system's history.

Check out the full story here:
http://dhbusinessledger.com/main.asp?SectionID=4&SubSectionID=29&ArticleID=3893

Health Care Development- A Bright Side For Construction Industry

With Chicago-area construction industry having its sixth consecutive year of falling sales, health care development is a bright side for the industry. This is largely due to the health care sector not being directly tied to the strength of the economy.

Leopardo Cos., a Hoffman Estates based company is building a 95,000 SF project in the western suburb Lisle, this new building will house a state of the art cancer center for Rush University Medical Center and Dupage Medical Group, an 88 room modernization project for Provena Mercy Medical Center in Aurora and an 18,000 SF renovation of Loyola University Medical Center's Bone Marrow Transplant unit in Mayood.

Check out the full story here:

http://www.chicagorealestatedaily.com/article/20111205/CRED02/111209903/building-blocked-construction-still-down-in-chicago-area

Seniors housing complex developer looks to built 4 new sites in the fourth quarter!

Zeke Turner, chairman and CEO of the firm is looking forward to also opening up at least 10 properties in 2012. Many of the new sites will be designed to handle Baby Boomers who need short term care after surgery or rehabilitation. "These are properties that focus on stays of 18-20 Days. The units are more hotel-style, with private rooms and bathrooms." Says Turner. Check out the full story here: http://www.globest.com/news/2016_2045/indianapolis/315800-1.html