A Skokie-based operator of long-term-care facilities will buy the Warren Barr Pavilion after all.
Boulevard Healthcare became the preferred bidder for the high-profile senior housing and long-term-care facility after a Connecticut-based company backed out, the seller, Advocate Health Care of Oak Brook, confirmed.
In Warren Barr, Boulevard hopes to establish a beachhead for its operations on Chicago’s North Side by adding one of the area’s best-known long-term-care facilities. Terms of the deal, which is expected to close early next month, weren’t disclosed.
“This is really a crown jewel for us,” said Boulevard’s vice chairman, Brian Cloch. “It gives us the ability to work with acute-care [hospital] systems on the North Side.”
Founded in 1975, the 135,000-square-foot facility is located at 66 W. Oak St. in Chicago’s Gold Coast neighborhood. The nine-story building, which has about 200 residents, offers skilled and intermediate nursing service, rehabilitation and adult day care.
The addition of Warren Barr gives Boulevard seven facilities in Illinois, Wisconsin and Ohio. In the Chicago area, Boulevard operates facilities in Evergreen Park and Riverwoods.
Advocate decided to sell Warren Barr as part of an ongoing strategy to divest its long-term-care facilities and focus on hospital and outpatient medical care services.
The sale process ran into delays in recent months when recent cuts in federal and state reimbursements to Warren Barr lowered the facility’s cash flow. That caused Boulevard to back away in August and United Methodist Homes, based in Shelton, Conn., to recently pull away from its original undisclosed offer.
Sources close to the deal say Boulevard’s earlier bid became more attractive after United Methodist retracted its offer.
Neither Advocate nor Boulevard would comment on the sales discussions.
“With Methodist, we were unable to agree on final terms on the transaction,” said Advocate spokesman Dan Parker.
Advocate plans to use proceeds from the Warren Barr sale to “support our core activity of patient care,” Parker said.
Advocate is the Chicago area’s largest provider of medical care, operating eight hospitals.
Tying the knot: Abbott Laboratories, moving to further establish the company as a player in cardiovascular treatments, has launched a new device used to close wounds after cardiac catheterization procedures.
The North Chicago-based medical product-maker said its Perclose A-T eliminates a complex knot-tying step for physicians. Traditionally, physicians have used everything from sandbags to mechanical clamps in applying compression to close the opening of the artery.
With Perclose A-T, a stitch with a “pre-tied” knot is used to let doctors close the arteries more rapidly, Abbott said.
Abbott wouldn’t disclose potential revenues from Perclose A-T.
More Top Picks Refrigerators