January 23, 2020
The first phase of a more than 344,000-square-foot, 10-property portfolio for Providence St. Joseph Health (PSJH) has sold for roughly $59 million. The properties are located in California, Washington, Oregon and Montana, and range in asset type from medical to office and flex industrial.
NKF’s Garth Hogan, Sean Fulp and Mark Schuessler handled the disposition on behalf of PSJH.
Hogan says, “The buyers were a diverse group of investors, ranging from private equity funds to physicians and multifamily developers. Proceeds from the first round of sales have already been earmarked for strategic acquisitions throughout the PSJH service areas.”
For Renton, WA-based PSJH, the objective of the portfolio sale is to optimize operational efficiency and unlock capital. The second phase of assets to be sold will be released to the market early this year, and will be comprised of medical, office and land assets in Alaska, Washington, Oregon, Montana and California.
*Pictured Providence St. Joseph Health phase two property in Alaska
For comments, questions or concerns, please contact Dennis Kaiser