Private equity firm acquires Grandview Physicians Plaza in Birmingham, Ala.
By John B. Mugford
Seavest Healthcare Real Estate has acquired the recently completed, 207,000 square foot Grandview Physicians Plaza on the campus of the new Grandview Medical Center on U.S. Highway 280 in Birmingham, Ala. (Photo courtesy of Seavest Healthcare Properties)
For more than a decade, a nearly completed but never opened 12-story hospital loomed over a busy stretch of U.S. Highway 280 about eight miles south of downtown Birmingham, Ala.
The Digital Hospital was to be the flagship hospital for HealthSouth Corp., as the name indicated that it would be ahead of its time in terms of using technology to provide care and keep records. But an accounting scandal at HealthSouth put a halt to construction in the early 2000s; the shell was completed but the interior was not.
Well, plenty of fanfare and hoopla have surrounded the recent, long-awaited opening of the building, now known as Grandview Medical Center. The $280 million, 372-bed facility opened in recent months and is operated by Birmingham, Ala.-based Trinity Medical Center, part of Franklin, Tenn.-based Community Health Systems (NYSE: CYH). The new facility is a replacement for Trinity’s former hospital, which is about nine miles from the Grandview campus.
Grabbing a piece of the excitement in Birmingham is White Plains, N.Y.-based Seavest Healthcare Real Estate, a private equity investment group. The firm recently acquired
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