ORLANDO—CNL Healthcare Properties, a real estate investment trust (REIT) focused on senior housing and healthcare facilities, has acquired two medical office buildings in Coral Springs, FL and two medical office buildings in Chula Vista, CA for a combined $60 million.
That brings CNL Healthcare's total investment to $300 million. The healthcare REIT has acquired 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,” says Stephen H. Mauldin, president and CEO of CNL Healthcare. “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 year.”
The Coral Springs acquisition includes two class A medical office buildings next to the Broward Health Coral Springs Hospital, a top-rated South Florida health system. The buildings are 90% occupied. Digestive Care Physician Group, a regional gastroenterology practice, and a hospital-owned, outpatient ambulatory surgery center, anchor the center. Syndicon Properties, which was founded in 1973 and is a healthcare real estate expert in the Coral Springs market, will continue to manage the properties.
In Chula Vista, CNL Healthcare acquired Scripps Medical Building and Bay Medical Building. Both are located on the campus of Scripps Mercy Hospital and are 100% 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 medical office assets.
“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,” says Mauldin. “Both enterprises have outstanding reputations in their markets for maintaining high-quality facilities for healthcare providers, their patients and guests.”
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