CNL Healthcare Properties Acquires Medical Office Buildings in California and Florida
Company purchases four healthcare facilities for $60 million
(ORLANDO, Fla.) Jan. 27, 2014 — CNL Healthcare Properties, a real estate investment trust (REIT) focused on senior housing and healthcare facilities, has purchased two medical office buildings in Coral Springs, Fla., and two medical office buildings in Chula Vista, Calif., for a combined $60 million.
With these acquisitions, CNL Healthcare Properties has now invested more than $300 million in 26 non-senior living healthcare facilities since making its first purchase in January 2013.
“All four of these properties are terrific additions to our portfolio of healthcare facilities, helping us to both grow our holdings and enhance our geographic diversification and overall asset quality,” said Stephen H. Mauldin, president and CEO of CNL Healthcare Properties. “Coral Springs and Chula Vista are both dynamic and growing markets where, as in much of the country, demand for both medical services and well-located physical space for healthcare providers are expected to increase in the coming years.”
The Coral Springs acquisition is comprised of two Class-A medical office buildings adjacent to the Broward Health Coral Springs Hospital, a top-rated South Florida health system. The buildings are 90 percent occupied and anchored by Digestive Care Physician Group, a regional gastroenterology practice, and a hospital-owned, outpatient ambulatory surgery center.
The facilities will continue to be managed by Syndicon Properties, Inc., which was founded in 1973 and is a healthcare real estate expert in the Coral Springs market.
In Chula Vista, CNL Healthcare Properties has acquired Scripps Medical Building and Bay Medical Building. Both are located on the campus of Scripps Mercy Hospital and are 100 percent occupied by a variety of tenants. Many of the buildings’ tenants maintain “investment-grade” credit, including Scripps Health System, Quest Diagnostics and San Diego State University Research Foundation.
Cypress West Realty Partners, a company that manages healthcare facilities operations across Southern California, Nevada and Arizona, will manage both Bay Medical and Scripps Medical for CNL Healthcare Properties.
“We are eager to launch the relationships with Syndicon Properties and Cypress West through their management of the properties in Coral Springs and Chula Vista,” said Mauldin. “Both enterprises have outstanding reputations in their markets for maintaining high-quality facilities for healthcare providers, their patients and guests.”
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 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 $28 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit www.cnl.com.
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