The deal, subject to regulatory approvals, would give Hospital Partners its first presence in the city. Tenet revealed the sell-off in March, which brought to market a 336-bed acute-care campus at 4200 Twelve Oaks Dr. in River Oaks in the city and a 190-bed facility at 6700 Bellaire Blvd. in nearby Sharpstown.
Tenet says the sale will allow the healthcare giant to focus on its other area facilities: the 140-bed Cypress Fairbanks Medical Center, 498-bed Houston Northwest Medical Center and 468-bed Park Plaza Hospital. "Our focus in the future must clearly be on generating growth in our core markets," Trevor Fetter, Tenet's president, said in the March announcement.
Larry Marks with the local office of Betz Commercial Brokerage Inc. deals in medical investment real estate. He tells GlobeSt.com that he views the sale as a "positive move." Marks says he is hopeful the new owners will complete the needed capital improvements to update the facility.
The Tenet campuses are situated in bustling sectors of town, Marks says, and they should be successful. Tenet got Twelve Oaks in a 1997 acquisition of OrNda Health Corp., says a Tenet spokesman. Hospital Partners has agreed to offer jobs to Twelve Oaks' existing staff.
The privately held Hospital Partners of America develops and operates hospitals in partnership with physicians throughout the US. Just this month, it opened its first surgical hospital in Austin. The plan is to keep Twelve Oaks Medical Center as an acute-care facility and allow local physicians to buy into the operation.
Coy Davidson in Colliers International's local office says Tenet has picked a good time to sell the facility because there are plenty of buyers looking for medical and related facilities to rehab. He currently is looking for a buyer for the San Jacinto Methodist Hospital's Decker Campus in Baytown. He says he has several clients looking for medical-related facilities to buy in the metro area.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
