The transaction is expected to generate fees to Quest and savings to Dr. Phillips of several million dollars a year, industry sources close to the deal tell GlobeSt.com.
Quest president Steve Lafreniere and Dr. Phillips chairman Jim Henson are expected to formally announce the transaction later this week.
"The savings will be huge for Dr. Phillips," Lafreniere tells GlobeSt.com in an exclusive telephone interview. "They won't have to maintain their own staff anymore to handle leasing and management and we will be returning savings to them annually for use in their long-established local charities."
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