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Group buys former Armour meatpacking site in Stockyards

The 16.8-acre site of the historic, former Armour meatpacking plant in Fort Worth’s Stockyards has changed hands, and its new owners aren’t saying anything about their plans. Chesapeake Land Development Co., which bought the site

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Hulen Pointe Shopping Center sold

Hulen Pointe Shopping Center, located in southwest Fort Worth on South Hulen Street one mile south of Hulen Mall, has been purchased by Addison-based Bo Avery with TriMarsh Properties for an undisclosed price.

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Dallas-Fort Worth in top five commercial real estate markets in 2015

According to the Emerging Trends in Real Estate 2015 report, just co-published by PwC US and the Urban Land Institute (ULI), Dallas-Fort Worth ranks No. 5, with two other Texas cities, Houston and Austin ranking at No. 1 and 2 respectively. San Francisco ranks No. 3 and Denver No. 4.

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Social House Fort Worth plans to open mid-November

Social House has leased 5,045 square feet at 2801-2873 W Seventh St. in Fort Worth, according to Xceligent Inc.

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Fort Worth temporarily stops issuing new home permits in TCU area

The moratorium will give a committee and the City Council time to review a proposed overlay that will pare the number of permissible unrelated adults living in the same house.

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Tenet to acquire Vanguard Health Systems in $4.3B deal
 
A. Lee Graham
Reporter
 
Tenet Healthcare Corp. of Dallas plans to acquire Vanguard Health Systems Inc. for $21 per share in a transaction valued at $4.3 billion, including the assumption of $2.5 billion in Vanguard debt.
Both boards of directors have unanimously approved the transaction, with Tenet securing fully committed financing from Bank of America Merrill Lynch.
“This unique strategic transaction will bring together organizations that share a common commitment to providing high quality care and create significant new growth prospects for Tenet,” said Tenet president and CEO Trevor Fetter, commenting in a news release.
“This acquisition will take Tenet into new geographic markets, expand the breadth of our service offerings, diversify our earnings sources and increase the benefits we expect to realize under healthcare reform,” Fetter said.
The acquisition, expected to close before the end of 2013, is subject to customary closing conditions and regulatory approvals. Upon closing, Charlie Martin, Vanguard founder, chairman and CEO, will join Tenet’s board of directors. Keith Pitts, Vanguard’s vice chairman, will join the Tenet senior management team as vice chairman.
Serving as Tenet’s legal counsel in the transaction was Gibson Dunn & Crutcher, with Lazard acting as lead financial and strategic adviser. Bank of America Merrill Lynch, Barclays and Teneo Capital also served as advisers for Tenet. Skadden, Arps, Slate, Meagher & Flom served as Vanguard’s legal counsel and JP Morgan acted as exclusive financial and strategic adviser.
The deal expands Tenet’s total ownership to 79 hospitals and 157 outpatient facilities and diversifies its geographic footprint to 16 states, including two new Texas markets. Specific locations were not immediately disclosed.
Tenet Healthcare Corp., through its subsidiaries, operates 49 hospitals, 126 free-standing outpatient centers and Conifer Health Solutions, which provides business process solutions for health care providers serving more than 600 hospitals and other clients nationwide. More information is available at www.tenethealth.com.
Vanguard Health Systems, based in Nashville, Tenn., owns and operates 28 acute care and specialty hospitals and complementary facilities and services in San Antonio; Harlingen, Texas; Brownsville, Texas; Chicago; Phoenix; Detroit; and Boston. More information is available at www.vanguardhealth.com.
 
lgraham@bizpress.net
 

 

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