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

Miami /
Aug.August 16, 2021 02:30 PM
Palmetto General Hospital and Medical Properties Trust CEO Edward K. Aldag Jr. (Google Maps)

Palmetto General Hospital and Medical Properties Trust CEO Edward K. Aldag Jr. (Google Maps)

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.






    Related Articles

    arrow_forward_ios
    Nuveen Real Estate CEO Mike Sales and LaVida apartments (Eileen Escarda)
    Nuveen pays $98M for Blue Lagoon apartment complex in Miami
    Nuveen pays $98M for Blue Lagoon apartment complex in Miami
    A unit at Turnberry Ocean Club was the most expensive condo sold last week (Turnberry Ocean Club)
    $11M closing at Turnberry Ocean Club leads weekly condo sales in Miami-Dade
    $11M closing at Turnberry Ocean Club leads weekly condo sales in Miami-Dade
    10660 Southwest 40th Street (Google Maps)
    Tate Capital sells CVS Pharmacy y más location near Kendall for $16M
    Tate Capital sells CVS Pharmacy y más location near Kendall for $16M
    ARI Financial Group CEO buys Hialeah multifamily-retail portfolio for $42M
    ARI Financial Group CEO buys Hialeah multifamily-retail portfolio for $42M
    ARI Financial Group CEO buys Hialeah multifamily-retail portfolio for $42M
    Palazzo Della Luna was the most expensive sale (Palazzo Della Luna)
    Closing at Palazzo Della Luna tops Miami’s weekly condo sales
    Closing at Palazzo Della Luna tops Miami’s weekly condo sales
    Renderings of the project Courtesy of Pebb Capital
    JV plans high-end offices at old Bancroft Hotel in South Beach
    JV plans high-end offices at old Bancroft Hotel in South Beach
    Project Renderings (Babba Joshua Yesharim)
    Babba Joshua Yesharim plans residential project along Miami River
    Babba Joshua Yesharim plans residential project along Miami River
    Infinity project (Kobi Karp)
    GPI Real Estate wins $6M settlement over failed Sunny Isles Beach project
    GPI Real Estate wins $6M settlement over failed Sunny Isles Beach project
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...