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DALLAS-Tenet Healthcare Corp.’s move to put its 34-property medical office portfolio on the market will help the company’s move from real estate management to hospital operations. It’s anticipated that the 2.4-million-sf portfolio of assets throughout the southeast, Texas and California could trade from $350 million to $400 million, with a mid-summer 2008 closing anticipated.

Jones Lang LaSalle managing director Guy Ponticiello is leading the Chicago-based marketing team on behalf of Tenet. Ponticiello says Tenet’s thought process in bringing the portfolio to market is to let another company, or companies, focus on the day-to-day management of the buildings. “Selling this portfolio represents better utilization of the company’s capital then if it held the office buildings,” Ponticiello says.

He tells GlobeSt.com that the company owned many of the buildings for years. The portfolio’s occupancy is just below 90%, with the assets varying in age from 10 to 30 years old.

Ponticiello says the other reason for offering is that the timing is right. “This is an asset class that a lot of folks perceive as being secure, more stable and in favor,” Ponticiello says. “From that perspective, Tenet thought it would be a good time to sell.”

The Jones Lang LaSalle marketing team including Corey Lewis, Bruce Westwood-Booth, Shawn Janus, Ken Ferretti will target buyers with a history of owning and operating medical office buildings. “These buildings are on the hospital campuses,” Ponticiello notes. “It’s important that the buyer has an appreciation for the relationship between those office buildings and the hospitals.”

He goes on to say that bids will be accepted in June, with a buyer hopefully selected before July 4. Ponticiello adds that, while the seller will accept a regional portfolio offer, one-off bids will not be considered.

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