CNL Healthcare Properties Expands Footprint with Acquisition of Greater Boston Medical Office Building
Investment to grow company’s presence in Northeast
(ORLANDO, Fla.) Nov. 3, 2014 — CNL Healthcare Properties, a real estate investment trust (REIT) focused on senior housing and healthcare facilities, has acquired the Newburyport Medical Center, a 43,280-square-foot, Class A, multitenant medical office building in suburban Boston for $18 million. This investment, in one of the nation’s 10 largest metropolitan areas, expands CNL Healthcare Properties’ footprint into New England.
Holladay Properties will provide management and leasing services for the Newburyport Medical Center. Based in Nashville, Tennessee, and one of the largest privately held developers, design/build firms and fully integrated healthcare real estate companies in the United States, the company manages more than 500 buildings in more than 25 states, including 12 other assets for CNL Healthcare Properties. Holladay currently manages and leases a large on-campus medical office building in the adjacent town of Haverhill, Massachusetts.
“With the addition of the Newburyport Medical Center, we are thrilled to expand our portfolio with this highly desirable, on-campus building into the dynamic Boston metropolitan area,” said Stephen H. Mauldin, president and CEO of CNL Healthcare Properties. “The investment also promotes the opportunity to grow our important relationship with Holladay Properties.”
The Newburyport Medical Center is located on the Anna Jaques Hospital campus in Newburyport, Massachusetts. The building was completed in 2008 and is currently 100 percent occupied, with six clinical tenants, including Anna Jaques Hospital. The building houses one of only three linear accelerators used for cancer treatment in the Boston area.
About CNL Healthcare Properties
CNL Healthcare Properties, Inc. is a real estate investment trust (REIT) 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. CNL Financial Group, LLC is the sponsor of CNL Healthcare Properties. For more information, visit 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 $29 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit CNL.com.
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