Medical Properties Trust completes $900M portfolio buy with Hialeah Hospital

Alabama-based REIT paid $134M for fifth South Florida hospital site previously owned by Tenet Healthcare

Miami /
Aug.August 23, 2021 09:45 AM
Medical Properties Trust CEO  Edward K. Aldag, Jr. with Hialeah Hospital (Google Maps)

Medical Properties Trust CEO Edward K. Aldag, Jr. with Hialeah Hospital (Google Maps)

A Birmingham, Alabama-based real estate investment trust that binges on medical sites picked up Hialeah Hospital for $133.7 million.

An affiliate of Dallas-based Tenet Healthcare is the seller of the 378-bed medical facility at 651 East 25th Street in Hialeah, records show.

The purchase completes Medical Properties Trust’s play for a South Florida medical portfolio totaling $900 million. Including Hialeah Hospital, MPT has acquired five hospital properties and medical office buildings previously owned by Tenet.

MPT has a leaseback agreement with Dallas-based Steward Healthcare System involving Hialeah Hospital, Palmetto General Hospital in Hialeah, Coral Gables Hospital in Coral Gables, North Shore Medical Center near North Miami, and Florida Medical Center in Lauderdale Lakes. Steward paid Tenet $1.1 billion for the hospitals’ operations and associated physician practices, according to a news release. MPT bought the real estate that will be leased to Steward.

In recent weeks, MPT paid $315 million for Palmetto General, an adjacent garage and physicians’ offices; the North Shore and Coral Gables sites for a combined $276 million; and Florida Medical, along with three office buildings and a medical office mall for $171 million. The sellers of the properties in Lauderdale Lakes are a consortium that included Tenet, Scottsdale, Arizona-based Healthcare Trust of America, and Dallas-based Altera Development Company.

In a statement prior to the transactions, MPT CEO Edward K. Aldag Jr. said the Tenet properties are “essential community hospitals in areas with positive demographic trends at a very attractive yield.”

MPT specializes in hospital and medical office investments, holding $22.3 billion in assets, mostly in the U.S., but also properties in Europe and Australia, according to its website.

Tenet, which is also publicly traded, still owns ambulatory facilities in Miami-Dade and Broward, as well as the 493-bed Delray Medical Center in Delray Beach that underwent a $79.4 million expansion.





    Related Articles

    arrow_forward_ios
    A photo illustration of Treo Group’s Otto Boudet-Murias along with 1100 East 41st Street (top), 4005 East 10th Court (middle), and 3925 East 10th Court (bottom) in Hialeah (Getty, Google Maps, LinkedIn/Otto Boudet-Murias)
    Treo sells Hialeah warehouses, doubles its investment
    Treo sells Hialeah warehouses, doubles its investment
    2100 NW 84th Street and American Tower's Tom Bartlett and Baptist Health's Brian Keeley (Google Maps, American Tower, Baptist Health)
    Baptist Health sells Doral data facility for $34M
    Baptist Health sells Doral data facility for $34M
    Matthew Baron and Alirio Torrealba
    MG Developer, partner score $148M loan for Hialeah apartments
    MG Developer, partner score $148M loan for Hialeah apartments
    AJP Real Estate’s Alberto Pérez and Thor Equities’ Joseph Sitt with Wynwood Walk and MedSquare Health medical offices ( AJP Real Estate, Thor Equities)
    Lease roundup: AJP, Mas fully lease Kendall medical offices
    Lease roundup: AJP, Mas fully lease Kendall medical offices
    Prestige Companies CEO Marty Caparros and 565 West 51st Place and 725 West 29th Street in Hialeah (Prestige Companies, Google Maps)
    Prestige sells Hialeah apartments for 30% markup
    Prestige sells Hialeah apartments for 30% markup
    From left: CIM Group’s Shaul Kuba; Miami Worldcenter Associates' Nitin Motwani and Art Falcone; Miami Worldcenter (Miami Worldcenter Associates, CIM Group)
    Lease roundup: Miami Worldcenter, Banyan Street nab tenants
    Lease roundup: Miami Worldcenter, Banyan Street nab tenants
    From left: Crow Holdings' Michael Levy and NAI Miami's Robert Eckstein  with Southwest 88th and 91st streets, and between Southwest 162nd and 158th (Google Maps, Crow Holdings, NAI Miami)
    Trammell Crow, Baptist scoop up Kendall Town Center dev sites
    Trammell Crow, Baptist scoop up Kendall Town Center dev sites
    Longpoint Realty Managing and Founding Partner Dwight Angelini and the El Paraiso shopping center at 1700 and 1800 West 68th Street in Hialeah (LinkedIn, Google Maps, Getty)
    Longpoint picks up Hialeah shopping center for $43M
    Longpoint picks up Hialeah shopping center for $43M
    arrow_forward_ios

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

    Loading...