Woman's selling campus to physicians group
Woman's Hospital announced today it has reached an agreement with a private group called The Physicians Alliance Corp. to sell the 24-acre campus being vacated at Goodwood Boulevard and Airline Highway. Included in the sale is the 300-bed hospital building, 140,000-square-foot medical office building, 20,500-square-foot support services building, materials management building, and more than 700 parking spaces between the parking garage and paved lots. No purchase price was disclosed. The property had been listed for $19 million. The sale, which is being handled by Beau Box Commercial Realty and One Source Commercial, is still subject to the completion of due diligence. The deal is expected to close on July 11. The buyer, TPAC, is described in a news release as "a private, mostly physician-owned organization working to improve healthcare delivery systems for the benefit of patients and providers." The group consists of more than 3,000 physician providers, some of whom are shareholders. It's not clear exactly what services will be offered by TPAC or if the physicians will be primarily from Baton Rouge or out of the area. The registered agent with the Louisiana Secretary of State for its affiliated company, TPAC Holding LLC, is Baton Rouge Dr. Kenneth Cranor, who could not be reached this afternoon for further comment. "TPAC functions like an interactive, multispecialty medical clinic, with our members located in their own separate offices," says Glen Duncan, spokesman for the company, in a news release. Duncan says the focus of the facility will be "excellent health care," noting OB/GYN, newborn, and breast-care services will not be offered at the site.
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