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.
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