CNL Healthcare Properties Acquires Indiana Cancer Treatment Center
Acquisition of second medical office building further diversifies portfolio
(ORLANDO, Fla.) June 20, 2013 — CNL Healthcare Properties, an investment offering focused on senior housing and healthcare real estate, has acquired the LaPorte Cancer Center, a freestanding comprehensive cancer care center in Westville, Ind., from Holladay Properties for $13.1 million. The 30,268-square-foot property is fully leased on a long-term, triple-net basis by the largest independent oncology practice in Indiana.
This is the second medical office building acquired by CNL Healthcare Properties; the company purchased a medical office building in southern California earlier this year.
“Given the aging U.S. population and the increasing demand for healthcare services on an outpatient basis, we continue to see significant opportunities in the healthcare sector in general, and in medical office buildings specifically,” said Kevin R. Maddron, senior managing director for healthcare and senior housing properties for CNL Financial Group. “We are pleased to add the LaPorte Cancer Center to our portfolio as we continue to expand and diversify our investments.”
The LaPorte Cancer Center was purpose-built in 2010 by Holladay Properties, which will continue to manage the building. The healthcare division of Holladay Properties was launched in 1986 and has managed more than 500 buildings in 25 different states.
“We look forward to strengthening our relationship with CNL Healthcare Properties through the management of this center,” said Thomas Gibson, senior vice president and partner of Holladay Properties. “Since beginning construction on the LaPorte Cancer Center, we have been committed to making the building a great place for physicians to practice medicine and patients to receive care, and we will continue this focus as we partner with CNL Healthcare Properties.” The LaPorte Cancer Center is located less than a mile off Interstate 80 about 45 minutes east of Chicago, and is equidistant between major local hospitals in LaPorte, Ind., and Michigan City, Ind. The property features a full-service cancer treatment center, offering chemotherapy and radiation therapy, and the only linear accelerator in northwestern Indiana. Because of its advanced treatment technology, some patients drive as long as an hour to utilize services at the LaPorte Cancer Center.
About CNL Healthcare Properties
CNL Healthcare Properties, Inc., is an investment offering that focuses on acquiring properties in the senior housing and healthcare sectors, both stabilized and development, as well as other income-producing properties, real-estate related securities and loans. Beginning with the year ended December 31, 2012, the company intends to be taxed as a real estate investment trust. CNL Financial Group, LLC is the sponsor of CNL Healthcare Properties. For more information, visit www.CNLHealthcareProperties.com.
About CNL Financial Group
CNL Financial Group (CNL) is a leading private investment management firm providing global real estate and alternative investments. Since inception in 1973, CNL and/or its affiliates have formed or acquired companies with more than $26 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit www.cnl.com.
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