CNL Healthcare Properties Acquires Nine Medical Office Buildings for Approximately $238 Million
Acquisitions make company one of the largest medical owners in the nation
(ORLANDO, Fla.) Dec. 29, 2014 — CNL Healthcare Properties, a real estate investment trust (REIT) focused on senior housing and healthcare facilities, has acquired a portfolio of nine Class A medical office buildings in the Southeastern United States for approximately $238 million. Located across North Carolina and Georgia, the properties combined have approximately 907,300 square feet of rentable space and are collectively 92 percent leased. All of the properties are anchored by market share leading health systems.
The transaction is among the largest medical facilities transactions in the United States in 2014.
With these acquisitions, CNL Healthcare Properties has now invested approximately $825 million in medical office buildings, acute care and post acute care medical facilities, making the company one of the largest third-party owners of such facilities in the United States. The acquisition also increases the size of the company’s portfolio to 100 assets, including healthcare facilities and senior housing communities.
Meadows & Ohly, a best-in-class developer and manager of healthcare real estate across the Eastern U.S., will continue to lease and manage the properties on behalf of CNL Healthcare Properties.
“We believe the acquisition of this portfolio of medical office properties both allows us to expand our holdings with very high-quality on-campus assets and anchor health system tenants in attractive Southeastern markets, but also reaffirms our commitment to be a leader in this sector,” said Stephen H. Mauldin, president and CEO of CNL Healthcare Properties. “We are thrilled to establish an important relationship with Meadows & Ohly, a dynamic and leading developer and manager of healthcare facilities. We believe we share a common dedication to providing facilities that allow for the best possible patient treatment and care.”
“We are pleased to sell this portfolio of buildings to CNL Healthcare Properties, a firm that shares so many of our core values,” said Van Fletcher, vice president and principal of Meadows & Ohly. “The sale met the objectives of our investment partners and the long-term goals of our organization. CNL Healthcare Properties has a deep capacity to execute complex transactions, understands the healthcare marketplace and will be an excellent long-term partner for the clients we serve together.”
The portfolio includes:
- Midtown Medical Plaza, a 218,489-square-foot medical office building in Charlotte, North Carolina, primarily occupied by Novant Healthcare and physically connected to the Novant Presbyterian Medical Center in downtown Charlotte;
- Presbyterian Medical Tower, a 147,492-square-foot medical office building in Charlotte, North Carolina, primarily occupied by Novant Healthcare and physically connected to the Novant Presbyterian Medical Center in downtown Charlotte;
- Metroview Professional Building, an 86,768-square-foot medical office building in Charlotte, North Carolina, primarily occupied by Novant Healthcare and physically connected to the Novant Presbyterian Medical Center in downtown Charlotte;
- Physicians Plaza Huntersville, a 101,525-square-foot medical office building in Huntersville, North Carolina, primarily occupied by Novant Healthcare and housed within Matthews Medical Center;
- Matthews Medical Office Building, a 96,346-square-foot medical office building in Matthews, North Carolina, primarily occupied by Novant Healthcare and housed within Huntersville Medical Center:
- Outpatient Care Center, a 44,332-square-foot medical office building in Clyde, North Carolina, occupied entirely by outpatient services groups owned by Haywood Regional Medical Center, a joint venture between LifePoint Hospitals and Duke Medicine, and located adjacent to Haywood Regional Medical Center;
- 330 Physicians Center, a 109,823-square-foot outpatient medical office building in Rome, Georgia, fully leased to Floyd Regional Medical Center and the Harbin Clinic and housed within Floyd Medical Center;
- Spivey Station Physicians Center, a 55,347-square-foot outpatient medical office building in Jonesboro, Georgia, primarily leased to Southern Regional Health System; and
- Spivey Station Surgery Center, a 47,159-square-foot outpatient medical office building in Jonesboro, Georgia, primarily leased to an ambulatory surgery center owned and operated by Southern Regional Health System.
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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