Healthcare providers are getting more strategic about their real estate strategy. Providence St. Joseph Health has sold the first phase of a 10-property portfolio totaling 344,000 square feet for $59 million. The properties are located in California, Washington, Oregon and Montana. Providence sold the assets as part of its strategy to optimize operational efficiency and unlock capital, a growing trend in the healthcare market. “The purpose of this portfolio sale was specifically directed towards freeing up capital tied up in non-strategic assets to be redeployed towards strategic initiatives, which is a trend I see growing with health systems that have real estate portfolios,” Garth Hogan, executive managing director of healthcare west at Newmark Knight Frank, tells GlobeSt.com.
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