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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 GlobeSt.com. “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.”

Kelsi Maree Borland

Kelsi Borland is a freelance writer and editor living whose work has appeared in such publications as Travel + Leisure, Angeleno and Riviera Orange County.

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