WESTVILLE, IN—Yet another medical office building has traded hands, allowing an affiliate of CNL Financial Group to further diversify a growing portfolio. CNL Healthcare Properties, which focuses on both senior housing and healthcare real estate, has just bought the LaPorte Cancer Center in Westville, a town in northern Indiana near Michigan City, for $13.1 million. The largest independent oncology practice in the state fully leases the 30,268-square-foot property under a long-term, triple-net lease.
CNL HP acquired its first medical office building in southern California earlier this year. CNL spent much of last year buying up senior housing throughout the country, including properties in Florida, Iowa, Michigan, Ohio and many others.
“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,” says Kevin R. Maddron, senior managing director for healthcare and senior housing properties for CNL Financial Group.
The LaPorte Cancer Center was built in 2010 by the seller, Holladay Properties, which will continue to manage the building. The healthcare division of Holladay was launched in 1986 and has managed more than 500 buildings. The center sits less than a mile from Interstate 80 and between major hospitals in Michigan City and LaPorte. It has a full-service cancer treatment center including chemotherapy and radiation treatment, and has the only linear accelerator in northwestern Indiana.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
