CNL BUYS PORTFOLIO OF FIVE REHAB, SPECIALTY HOSPITALS FOR $131.1M
ORLANDO — CNL Healthcare Properties has acquired a five-property portfolio of inpatient rehabilitation and specialty hospitals throughout the United States for $131.1 million. The properties are located in four states and contain a total of 297,110 square feet.
The transaction includes a 58,353-square-foot specialty hospital outside of Dallas that is leased to Victory Medical Center Mid-Cities LP; an 86,128-square-foot specialty hospital and medical office building in Beaumont, Texas, that is leased to Victory Medical Center Beaumont LP; a 53,449-square-foot inpatient rehabilitation hospital in Oklahoma City that is leased to Mercy Rehabilitation Hospital; a 53,260-square-foot inpatient rehabilitation hospital in Las Vegas that is leased to Desert Canyon Rehabilitation Hospital; and a 45,920-square-foot inpatient rehabilitation hospital outside South Bend, Ind., that is leased to Saint Joseph Regional Medical Center – South Bend Campus Inc.
“This addition to our medical portfolio gives us the opportunity to invest in two specialty hospitals and three inpatient rehabilitation hospitals that will diversify and add to our growing number of healthcare assets,” says Kevin Maddron, CNL’s senior vice president. “The properties have highly qualified tenants in place that are focused on providing patients with the best possible treatment and care.”
Lincoln Harris CSG and Holladay Properties Services Midwest Inc. will manage the properties. The seller was not named.
Orlando-based CNL Healthcare Properties is a non-traded real estate investment trust that acquires seniors housing and healthcare properties. The REIT targets both stabilized assets and those that are in development. It also targets other income-producing properties, real estate related securities and loans.
CNL Financial Group is a private investment management firm that provides global real estate and alternative investments. Since its inception in 1973, CNL and/or its affiliates have formed or acquired companies with more than $29 billion in assets.