Four things to know:
1. The ASC is a partnership between majority owner Baptist Health South Florida and 11 eye surgeons. The surgeons owned the real estate lease and the sale was made using the existing lease and rent; as a result, there wasn’t a change in the center’s financial performance.
2. With five years left on their original lease, the ASC owners sold it to a private investor in a 1031 exchange. Baptist Health South Florida’s credit and the historical operating results of the physician partners made the center attractive to the investor.
3. According to a statement from ASCs Inc., ASC owners may consider a sale or leaseback of their ASC real estate to provide liquidity and a source of capital for diversifying their assets, which can become especially important during the COVID-19 pandemic when unforeseen events begin to impact income.
4. With ASCs Inc. advising the sellers and J.H. Winokur as the broker, the final selling price exceeded the seller’s goals. At the time of the sale, the ASC was temporarily closed due to COVID-19.
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At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.