HOUSTON, TX--(Marketwired - Dec 12, 2013) - Northstar Healthcare Inc. (TSX: NHC) today announced that it was the winning bidder to acquire the former Brown Hand Center outpatient surgery center near Phoenix, Arizona. Northstar's successful bid was $460,000. The surgery center has four operating rooms and 27,000 square feet of surgical, clinical and office space. The center is located in the upscale town of Scottsdale, Arizona, a suburb of Phoenix, Arizona. The acquisition is subject to the approval of the Bankruptcy court in the Southern District of Texas. A hearing is set for December 18th for the Bankruptcy court judge to sign the order submitted by the Bankruptcy Trustee to approve this transaction, with Northstar's final payment due on or about December 23rd.
Northstar also bid for the assets of the former Brown Hand Center outpatient surgery center in Dallas. The winning bid for those assets was over $1,500,000. "While we had the ability to exceed the winning bid on the Dallas assets, we knew the auction price far exceeded the center's actual value and therefore we passed on the center," said Harry Fleming, Northstar's CFO.
About Northstar Healthcare Inc.
Northstar partners with physicians in the ownership and management of ambulatory facilities and healthcare services. Northstar owns and manages interests in three ambulatory surgery centers, two in Houston and the third in Dallas.
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