Tenet buys Palm Beach Gardens Medical Center real estate from landlord

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Palm Beach Gardens Medical Center, or at least the real estate where the hospital operates, has a new owner.

Tenet Healthcare paid landlord HCP Inc. $43.4 million for the 282,000-square-foot facility on Burns Road, according to property records. HCP is a California-based real estate investment trust that specializes in medical facilities.

The companies also recorded a lease termination that took effect last week. Palm Beach Gardens Medical Center is in the midst of a $16 million renovation.

The Palm Beach County Property Appraiser records no previous sale price for the hospital, but HCP says in its latest annual report that it paid $24.9 million for the facility in 2011.

Dallas-based Tenet Healthcare operates 10 hospitals in Florida, and the 199-bed Palm Beach Gardens Medical Center was the only one it leased rather than owned, according to the company’s latest annual report.

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