HAMMOND, LA-A healthcare operator and more than 30 local physicians have acquired the Louisiana Hospital Center here for $12.5 million. GE Commercial Finance Business Property Corp. sold the 61,000-square-foot facility, which consists of 42 beds, eight pre-op/recover bays, and three operating rooms.
Developed in 2006 as a physician-owned hospital, the facility never opened. The ownership group, which consisted of local physicians, Wichita, KS-based Cardiovascular Hospitals of America and other investors, filed bankruptcy two years ago, according to court documents.
GE Commercial Finance purchased the property out of bankruptcy late last year and hired CBRE’s Healthcare Capital Markets Group in April 2010 to market the property.
“The property received significant activity from hospitals, surgery center operators and private capital sources,” says Chris Bodnar, vice president of CBRE’s Healthcare Capital Markets Group. “The buyer closed in 42 days after executing the purchase and sale contract.”
Located on Airport Road south of Interstate 12, Louisiana Hospital Center was built on land owned by the Hammond Area Economic and Industrial Development District. The District helped fund construction of the facility through $15 million in bond financing and tax incentives.
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