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FOCUS | MIDDLE MARKET FORECAST: M&A activity should continue at rapid pace. PAGE 10

LENGTHY DELAY Tri-C plans to rebuild athletic programs ‘the right way.’ PAGE 2

UH, ValueHealth aim to deliver value with new surgery centers BY LYDIA COUTRÉ

In its new venture with ValueHealth, University Hospitals aims to offer bundled-payment models for certain procedures at a series of new ambulatory surgery centers in Northeast Ohio that the two are developing as part of UH’s value-based strategy. So far, the two have announced centers in Lorain County and Medina, with plans for more in the region. The outpatient facilities will offer total joint replacement care and may expand to include other complementary multi-specialty surgical care such as ENT and pain management. In collaboration with ValueHealth — a Leawood, Kan.-based health care services company that operates Ambulatory Centers of Excellence — UH is working to provide many such procedures in a bundled model, offering a predictable price for payors and employers.

MICHELLE JARBOE

CRAIN’S CLEVELAND BUSINESS

Apartments, offices and retail slated for Ohio City spot BY MICHELLE JARBOE

Former Voss properties Additional MRN holdings RTA development site

Ave.

St.

Chatha

m Ave.

See VOSS on Page 27

Pandemic has added to ‘daunting issues’ female lawyers face It didn’t take a global health crisis to point out what has been known for generations: The legal industry is collectively failing women. Nonetheless, the pandemic has shone a brighter light on issues impacting working women, who, according to Pew Research Center, lost jobs at a greater rate than their male counterparts during this economic shock.

See VALUEHEALTH on Page 7

As for female lawyers, the COVID-19 outbreak created fresh disruptions that are thought to be adversely affecting not just worklife balance, but the ability for women to grow in their professions. Circumstances vary, but according to the American Bar Association, women across the industry are coping with “daunting issues” ranging from increased stress to loss of income and feelings of isolation. These issues are attributed in some part to gendered expectations and inadequate recognition of parenting needs. See GELI on Page 28

NEWSPAPER

VOL. 42, NO. 18 l COPYRIGHT 2021 CRAIN COMMUNICATIONS INC. l ALL RIGHTS RESERVED

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CO NG RATU L AT I O NS

Sam Flores

DIRECTOR OF PROGRAM AND PARTNER SERVICES

for being selected as one of the Crain’s 40 Under Forty honorees

Growing hope in our region by creating pathways to nutritious food.

“We know the cost of health care is continuing to go up and the challenges that come with reimbursement and hospital funding,” said Don Bisbee Dr. James Voos, chair of orthopedics for UH. “So our hospital leadership looked toward the future to see what’s the best way to continue to provide that incredibly high quality of care that we’re used to delivering in an academic health care system with the very high efficiency setting of ambulatory surgery centers.” Beyond the ongoing growth driven by potential promise of lower-cost care, the ambulatory surgery center model has also gained traction in the past year during the pandemic. The postponement of

GELI hopes to address gaps in legal industry BY JEREMY NOBILE

Lorain

25th

includes parking lots that could become construction sites. The purchase adds to MRN’s already sizable footprint near West 25th Street and Lorain Avenue, in a fast-changing pocket of the city’s near West Side. Brothers Ari and Jori Maron now own most of two blocks on the west side of West 25th, just south of Lorain. They control surface lots spanning hundreds of spaces on both sides of West 25th and West 26th streets.

W.

A former manufacturing complex in Cleveland’s Ohio City neighborhood, only steps from the West Side Market, is being reimagined as apartments, offices and retail space. That revival plan for the vacant Voss Industries buildings along West 25th Street is the first phase of a much larger potential project dreamed up by homegrown developer MRN Ltd. In late March, an MRN affiliate paid $7.5 million for the 4.2-acre Voss property, which

Red Line Greenway

Visit www.crainscleveland.com today or find us in the app store.

CRAINSCLEVELAND.COM I MAY 10, 2021

VOSS SITE GETTING NEW LIFE

5510 Baumhart Road | Lorain, OH 44053

www.secondharvestfoodbank.org

5/7/2021 1:28:30 PM

Austin Semarjian

C

27 | Vice president, leasing and acquisitions, Industrial Commercial Properties

38 of c Cle

LinkedIn profile: tinyurl.com/ austin-semarjian

“When he presented it, we all said, ‘... the amusement park?’ A lot of us had not thought about it as a As Beachwood City Council last potential acquisition,” Salata said. The younger Semarjian also won August reviewed terms for incentives for GE Current to relocate to over the ultimate show-me crowd, the suburb from Nela Park, Austin commercial real estate agents. George Pofok, a senior vice presiSemarjian of Industrial Commercial Properties was there to field ques- dent at the Cushman & Wakefield Cresco brokerage, said, “He was in a tions. Semarjian, who looks younger difficult position joining ICP, bethan his age of 27, was representing cause his father is so well known in the lighting company’s future land- the brokerage world. But he’s worked his tail off there.” lord. Austin Semarjian said he wanted to get “I LOVE CLEVELAND. I HOPE TO into the real estate busiMAKE A POSITIVE MARK ON IT.” ness after watching his father. “I saw how much he loved the “That was his deal from cradle to grave,” said Chris Salata, chief oper- business and doing deals,” he said. ating officer of ICP. “He’s been a “Working with people to help their business is very fulfilling.” sponge since he got here.” After getting a bachelor of science Semarjian joined ICP, which is owned by his father, Chris Semarji- degree in business and finance from an, in 2017. Since then, he has com- Ohio State University, his first job pleted 75 sales, acquisitions and was in the accounting department leases with a total value of $200 mil- of DDR Corp. of Beachwood, now SITE Centers Corp., to see how anlion. He also got the company to buy a other realty company did things. The younger Semarjian just big portion of the former Geauga Lake Amusement Park in Bain- moved out of downtown after buybridge Township. He pushed for the ing his first place, a townhouse near deal after learning that Menards Lake Erie. He enjoys attending pro Inc., which he had been hoping to sports games and is a member of the land for a warehouse deal, wanted to Team NEO Right Sites Council. — Stan Bullard put a store there.

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