REIT invests approximately $11.3 million in key property in Fort Lauderdale suburb
(ORLANDO, Fla.) Dec. 2, 2014 – CNL Healthcare Properties, a real estate investment trust (REIT) focused on senior housing and healthcare facilities, has acquired the Northwest Medical Park building, a 45,565-square-foot, Class A, multitenant medical office building in Margate, Florida, a suburb of Fort Lauderdale, for approximately $11.3 million.
Holladay Properties, one of the largest privately held healthcare property leasing and management companies in the United States, will manage and lease Northwest Medical Park for the REIT. The company currently manages 15 assets for CNL Healthcare Properties, including two medical office buildings in nearby Coral Springs.
Built in 2004, the Northwest Medical Park building is located adjacent to the Northwest Medical Center, a 223-bed hospital operated by HCA that features a new Heart and Vascular Institute, as well as a state-0f-the-art interventional radiology room with endovascular capabilities. The medical office building is currently 78 percent occupied with remaining vacant space subject to a performing master lease. CNL Healthcare Properties and Holladay Properties are implementing a leasing strategy over the next several years to boost the building’s existing occupancy rate.
“Northwest Medical Park is a great fit for our growing healthcare portfolio and we are delighted to have the opportunity to acquire it,” said James Schmid, senior vice president of CNL Healthcare Properties. “As our existing healthcare facilities portfolio grows and matures, we intend to pursue select value add and development opportunities in addition to stabilized acquisitions, and Northwest Medical Park is an example of such an opportunity which we believe will create value over time. We also look forward to expanding our presence in the South Florida market with Holladay Properties.”
About CNL Healthcare Properties
CNL Healthcare Properties, Inc. is a real estate investment trust (REIT) that focusses 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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