JLL Receives Over 2M-SF Tenet Assignment

DALLAS-Jones Lang LaSalle has received the marketing assignment for Tenet Healthcare Corp.’s 2.4-million-sf medical office building portfolio. Tenet Healthcare unveiled its intent to sell the 34-asset portfolio earlier this year.

The properties are located throughout the southeast and southwest, with a main concentration in Texas and Florida. Biggs Porter, Tenet’s chief financial officer, said in a press release that the portfolio sale will remove “the non-core function of property management responsibilities” from the healthcare corporation, allowing it to focus on medical care, rather than real estate management.

Additionally, the sale will help Tenet Healthcare free up financial resources to invest in its core operations. “Given the current attractiveness of the medical office real estate market, we believe it is the right time to embark on this initiative,” Porter stated. The release said the buildings are being offered as a single medical office building portfolio or can be acquired as separate, regional portfolios to qualified institutional real estate investment companies. The assets will be sold subject to long-term ground leases, targeted only for medical use.