Providence St. Joseph Health has partnered with Newmark Knight Frank to optimize its real estate portfolio and unlock capital currently tied up in real estate investments. The brokerage firm has identified non-essential assets in Alaska, Washington, Oregon, Montana and California. The asset classes include medical office, industrial, office assets and vacant land. Providence St. Joseph put out an RFP to find a firm with both healthcare and multi-market experience, and hired Newmark late last year to execute the optimization strategy.

“Providence St Joseph Health’s senior leadership deserves a lot of credit in making real estate a priority focus in determining whether if necessary to own, lease or sell. They analyzed their entire real estate portfolio and determined which assets fell into the category of non-core and non-strategic to the health system,” Garth Hogan, executive managing director of healthcare West at Newmark Knight Frank, tells “Our NKF team weighed in with experience in handling similar assignments and assisted in creating the final list, completed in December 2018, which consists of nearly 60 assets.”

The current market dynamics motivated Providence St. Joseph Health to monetize portions of its portfolio now. We’re seeing properties sell at record prices.  So it’s the best time to maximize the values and unlock capital,” says Hogan. In addition, the healthcare industry is in need of liquid capital. “In healthcare, capital is precious right now.  Nearly every health system and hospital has plans for rolling out a new delivery model, technology and improved access to care,” adds Hogan. “To make this happen requires capital. Selling real estate can help prevent going further into debt in the bond market.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

More from this author

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.