Dallas-based Tenet Healthcare paid $43.43 million to buy out its landlord at Palm Beach (Fla.) Gardens Medical Center, a 199-bed hospital, according to the South Florida Business Journal.
Palm Beach Gardens Medical Center had been leased from AMREIT, a healthcare real estate investment trust based in Irvine, Calif., to Tenet since 1987. AMREIT affiliate HCP recently sold the hospital to Palm Beach Community Hospital, a Tenet subsidiary that operates Palm Beach Gardens Medical Center.
Tenet announced plans in September to expand the operating room at the medical center, a project that is estimated to cost $16 million. The size of the investment might have driven the hospital operating company to purchase full ownership of the medical center, according to the report.