Tenet Healthcare Corp. has paid $43.43 million to buy out its landlord at the Palm Beach Medical Center in Florida.
The South Florida Business Journal reported that the Palm Beach Medical Center had been leased from AMREIT, an Irvine, Calif.-based healthcare real estate investment trust, to Tenet since 1987.
AMREIT affiliate HCP recently sold the hospital to Palm Beach Community Hospital, a Tenet subsidiary which operates Palm Beach Medical Center.
In September, Tenet announced plans to expand Palm Beach Medical Center’s operating room and surgical services for $16 million. The SFBJ reported the “size of the investment might have driven the hospital operating company to purchase full ownership of the medical center.”
Palm Beach Medical Center is a 282,115-square-foot hospital with 199 hospital beds. The hospital is located on a 22-acre property and was built in 1964.