Medical Properties Trust buys Palmetto General Hospital as part of $900M South Florida expansion
REIT already bought facilities in Coral Gables, North Miami and Lauderdale Lakes
Medical Properties Trust just closed on the fourth of the five hospitals it plans to acquire as part of a major expansion into South Florida healthcare totalling roughly $900 million.
The Birmingham, Alabama-based real estate investment trust bought Palmetto General Hospital in Hialeah for $315 million from an affiliate of Dallas-based Tenet Healthcare, records show.
Some of the buildings that make up the hospital campus purchase are the Palmetto Medical Plaza at 7100 West 20th Avenue and the garage at 7160 West 20th Avenue as well as next-door physicians’ offices at 2001 West 68th Street and 2001 West 68th Street, records show.
The deal is part of MPT’s agreement with Tenet to buy five South Florida facilities and then lease them to Dallas-based Steward Health Care System, which purchased the hospitals’ operations and associated physician practices from Tenet, according to a news release.
MPT already bought North Shore Medical Center near North Miami and Coral Gables Hospital in the Gables for a combined $276 million. This came on the heels of the group’s purchase of Florida Medical Center, three office buildings and FMC Medical Mall in Lauderdale Lakes for $171 million from a group of sellers that included Tenet.
The medical REIT is also planning to buy Hialeah Hospital, although public records do not yet show the purchase.
MPT, led Edward K. Aldag Jr., is a hospital and medical office investor with $22.3 billion of assets under management, according to its website. The majority of its portfolio is in the U.S. but it also has properties in the United Kingdom, Australia, Switzerland, Germany and elsewhere.
Tenet, which is also publicly traded, is led by executive chair and CEO Ronald Rittenmeyer, according to its website. It runs 60 hospitals and about 460 other healthcare facilities.