Grayson County Physicians Property, an affiliate of Foundation HealthCare, has sold the real estate and building of Heritage Park Surgical Hospital in Sherman, Texas.
Foundation indirectly owns a 20 percent interest in Grayson County Physicians Property. As a result of the sale, Foundation will receive $3.7 million in proceeds, as well as an additional $150,000 to be released from escrow within the next year.
Foundation will apply $2.8 million of the proceeds to reduce long term debt.
"The Heritage Park real estate sale completes a milestone in Foundation's growth strategy," said Stanton Nelson, Foundation CEO. "Our stated goal is majority ownerships in surgical hospitals; accordingly, this year we have divested our minority interest in two hospitals, including Heritage Park, with the intention of redirecting the capital to reduce debt and acquire majority ownership in surgical hospitals in targeted urban markets."