Tenet Announces Details of its Previously Disclosed Plan to Sell 34 Medical Office Buildings
Jones Lang LaSalle begins the promotion and marketing phase on behalf of Tenet
Tenet Healthcare Corporation (NYSE: THC) announced today the details of its previously disclosed plan to sell 34 medical office buildings, totaling 2.4 million square feet of rental space (2.8 million gross square footage). The properties are located throughout the Southeast, as well as Texas, Florida and California. Tenet has retained Jones Lang LaSalle, a nationally recognized real estate broker and advisor, to assist it in the promotion, marketing and sale of the medical office building (MOB) portfolio.
The buildings are being offered as a single MOB portfolio or as separate, regional sub-portfolios to qualified institutional real estate investment companies that understand the acute care hospital business, as well as the value of a strong MOB portfolio. These assets will be sold subject to long-term ground leases, which will be targeted for medical use only.
“This portfolio sale will allow our hospitals to focus on our core business of caring for patients and removes the non-core function of property management responsibilities,” added Biggs Porter, Tenet’s chief financial officer, noting that “the sale increases our financial flexibility and frees up resources that can be more effectively invested in our core operations. Given the current attractiveness of the medical office real estate market, we believe it is the right time to embark on this initiative.”
The medical office buildings within the Tenet portfolio include the following:
*Doctors Hospital Professional Buildings I and II, Dallas, Texas
*Providence Cliff Building and Providence Medical Plaza, El Paso, Texas
*Sierra Medical Center Plaza, El Paso, Texas
*Fallbrook Building, Houston, Texas
*Park Plaza Medical Center, Houston, Texas
*Nacogdoches I - Towers and Nacogdoches II -Terrace, Nacogdoches, Texas
*Loewenberg and O’Ryan Buildings, Memphis, Tenn.
*Brookwood Professional Office Building, Brookwood Medical Plaza, Ambulatory Care Center and Women’s Medical Plaza, Homewood, Ala.
*Hialeah Medical Office Building, Hialeah, Fla.
*Palmetto Medical Plaza, Hialeah, Fla.
*Farris Building, West Palm Beach, Fla.
*PHD Pavilions, West Palm Beach, Fla.
*Medical Arts Building, Miami, Fla.
*Central Professional Building, East Professional Building, Medical Mall and North Professional Building, Fort Lauderdale, Fla.
*285 and 315 Medical Office Buildings, Atlanta, Ga.
*1100 Cleveland Medical Office Building and Medical Arts Center, East Point, Ga.
*Frye Medical Office Building, Lincolnton, N.C.
*Garden Grove Medical Plaza, Garden Grove, Calif.
*JFK Medical Plaza, Bermuda Dunes, Calif.
*San Dimas Medical Plaza I and II, San Dimas, Calif.
*San Ramon Medical Office Building IV, San Ramon, Calif.
Questions regarding the portfolio should be directed to Jones Lang LaSalle at 1-312-228-2645 or 1-312-228-2213.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.