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Irvine, CA

Healthcare providers are getting more strategic about their real estate strategy. Providence St. Joseph Health has sold the first phase of a 10-property portfolio totaling 344,000 square feet for $59 million. The properties are located in California, Washington, Oregon and Montana. Providence sold the assets as part of its strategy to optimize operational efficiency and unlock capital, a growing trend in the healthcare market.

“The purpose of this portfolio sale was specifically directed towards freeing up capital tied up in non-strategic assets to be redeployed towards strategic initiatives, which is a trend I see growing with health systems that have real estate portfolios,” Garth Hogan, executive managing director of healthcare west at Newmark Knight Frank, tells GlobeSt.com. “Even with the challenges surrounding the Affordable Care Act and its future, healthcare real estate investment remains strong.”  Hogan represented Providence in the deal, along with Sean Fulp and Mark Schuessler of NKF.

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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 GlobeSt.com 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.

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