Newmark has announced the sale of the first phase of a more than 344,000- square-foot, 10-property portfolio for Providence St. Joseph Health (PSJH) for a total value of approximately $59 million.
The 10 properties are located in the states of California, Washington, Oregon and Montana and range in asset type from medical to office and flex industrial. Newmark Executive Managing Directors Garth Hogan and Sean Fulp along with Director Mark Schuessler handled the disposition on behalf of PSJH.
For PSJH, the objective of the portfolio sale is to optimize operational efficiency and unlock capital. In mid-2019, PSJH partnered with Newmark to sell a selection of non-essential real estate assets located across Alaska, Washington, Oregon, Montana and California.
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.
“We’re thrilled with the year-end results of the Phase One asset sale. 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. Newmark has proven themselves as a true real estate partner in accomplishing this goal.” said Director of Real Estate Strategy and Operations for PSJH Bill Martin.
Hogan added, “The buyers were a diverse group of investors ranging from private equity funds to physicians and multi-family developers. Proceeds from the first round of sales have already been earmarked for strategic acquisitions throughout the PSJH service areas.”
About Providence St. Joseph Health
Providence St. Joseph Health is a national, not-for-profit Catholic health system comprising a diverse family of organizations and driven by a belief that health is a human right. With 51 hospitals, 829 physician clinics, senior services, supportive housing, and many other health and educational services, the health system and its partners employ more than 119,000 caregivers serving communities across seven states - Alaska, California, Montana, New Mexico, Oregon, Texas, and Washington with system offices based in Renton, Wash., and Irvine, Calif.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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