CNL Healthcare Properties Acquires California Medical Office Building
REIT invests $29.9 million in key property in the Los Angeles market
Cypress West Realty Management Inc. will provide on-site leasing and asset management services. Cypress West, a company focused on the management of healthcare properties in the western United States, also manages three additional medical office buildings for CNL Healthcare Properties.
“As a newer, stabilized, on-campus property in one of the nation’s largest metropolitan areas, this property is an attractive fit for our growing portfolio of healthcare facilities,” said Stephen H. Mauldin, president and CEO of CNL Healthcare Properties. “We are excited that this acquisition gives us the opportunity to both strengthen our presence in southern California and grow our existing partnership with Cypress West.”
Physically connected to the main hospital via a sky bridge, Lee Hughes Medical Building is a key component of the hospital campus. The building is 97 percent occupied, with a wide range of tenants, including an ambulatory surgery center leased by Adventist Health that is one of the newest and largest centers of its kind in the Los Angeles area. Glendale Adventist Medical Center is one of the largest hospitals in that region, and the Lee Hughes Medical Building is the only on-campus medical office building not owned by the hospital.
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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