Looking to optimize its operational efficiency and unlock capital, Providence St. Joseph Health has partnered with Newmark to sell a selection of non-essential real estate assets located across Alaska, Washington, Oregon, Montana and California. The portfolio of properties comprises medical office, industrial, office assets and vacant land.
“Revenue diversification is a key part of our strategy as Providence St. Joseph Health organizes itself for the future to sustain our mission to care for all,” said John Milne, senior vice president, Real Estate and Construction, Providence St. Joseph Health. “Creating sustainable income through strategic management of our existing real estate portfolio supports clinical excellence and growth and helps us continue to innovate to foster healthier communities.”
Newmark Executive Managing Directors Garth Hogan and Sean Fulp and Director Mark Schuessler will handle the disposition on behalf of Providence.
“This is a highly strategic disposition strategy involving multiple markets. We are engaging our top-level team and utilizing a strong technology partner to ensure we provide the most up to the minute data on the assets and opportunities,” said Fulp.
“Providence St. Joseph Health is really leading the way, in that they are reviewing their entire portfolio to create efficiency and drive toward what’s next in healthcare. The industry is evolving, and health care providers today must constantly recycle precious capital and reinvest across their system,” said Hogan.
Newmark is teaming with Ten-X Commercial to develop an online marketplace for all the assets.
To view the portfolio, go to THE COLLECTION
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 16,000 professionals operate from approximately 430 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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