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2/10/20
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The first phase of a 344k sf, 10-property portfolio for Providence St. Joseph Health (PSJH) was purchased for $59 mil by a diverse group of investors ranging from private equity funds to physicians and multi-family developers. The properties are located in the states of California, Washington, Oregon and Montana and range in asset type from medical to office and flex industrial.
For PSJH, the objective of the portfolio sale is to optimize operational efficiency and unlock capital. In mid-2019, PSJH sold a selection of non-essential real estate assets located across Alaska, Washington, Oregon, Montana and California. Proceeds from the first round of sales have already been earmarked for strategic acquisitions throughout the PSJH service areas.
Garth Hogan, Sean Fulp and Mark Schuessler with Newmark Knight Frank handled the disposition on behalf of PSJH. The second phase of assets to be sold will be released to the market in early 2020 which will be comprised of medical, office and land assets in Alaska, Washington, Oregon, Montana and California.
“All 10 transactions required coordination and expertise in multiple markets. PSJH plans to continue with its strategy to unlock capital in non-strategic assets for the purpose of redeployment of capital towards strategic initiatives,” said Bill Martin, Director of Real Estate Strategy and Operations for PSJH.
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