ORLANDO, Fla., Jan. 27, 2014 (GLOBE NEWSWIRE) -- CNL Healthcare Properties, a real estate investment trust (REIT) focused on senior housing and healthcare facilities, has purchased two medical office buildings in Coral Springs, Fla., and two medical office buildings in Chula Vista, Calif., for a combined $60 million.
With these acquisitions, CNL Healthcare Properties has now invested more than $300 million in 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," said Stephen H. Mauldin, president and CEO of CNL Healthcare Properties. "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 years."
The Coral Springs acquisition is comprised of two Class-A medical office buildings adjacent to the Broward Health Coral Springs Hospital, a top-rated South Florida health system. The buildings are 90 percent occupied and anchored by Digestive Care Physician Group, a regional gastroenterology practice, and a hospital-owned, outpatient ambulatory surgery center.
The facilities will continue to be managed by Syndicon Properties, Inc., which was founded in 1973 and is a healthcare real estate expert in the Coral Springs market.
In Chula Vista, CNL Healthcare Properties has acquired Scripps Medical Building and Bay Medical Building. Both are located on the campus of Scripps Mercy Hospital and are 100 percent 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 Bay Medical and Scripps Medical for CNL Healthcare Properties.
"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," said Mauldin. "Both enterprises have outstanding reputations in their markets for maintaining high-quality facilities for healthcare providers, their patients and guests."
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 www.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 $28 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit www.cnl.com .
Cautionary Note Regarding Forward-Looking Statements
Statements above that are not statements of historical or current fact may constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbor created by Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements that do not relate strictly to historical or current facts, but reflect management's current understandings, intentions, beliefs, plans, expectations, assumptions and/or predictions regarding the future of the Company's business and its performance, the economy, and other future conditions and forecasts of future events, and circumstances. Forward-looking statements are typically identified by words such as "believes," "expects," "anticipates," "intends," "estimates," "plans," "continues," "pro forma," "may," "will," "seeks," "should" and "could," and words and terms of similar substance in connection with discussions of future operating or financial performance, business strategy and portfolios, projected growth prospects, cash flows, costs and financing needs, legal proceedings, amount and timing of anticipated future distributions, estimated per share net asset value of the Company's common stock, and/or other matters. The Company's forward-looking statements are not guarantees of future performance. While the Company's management believes its forward-looking statements are reasonable, such statements are inherently susceptible to uncertainty and changes in circumstances. As with any projection or forecast, forward-looking statements are necessarily dependent on assumptions, data and/or methods that may be incorrect or imprecise, and may not be realized. The Company's forward-looking statements are based on management's current expectations and a variety of risks, uncertainties and other factors, many of which are beyond the Company's ability to control or accurately predict. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, the Company's actual results could differ materially from those set forth in the forward-looking statements due to a variety of risks, uncertainties and other factors. Given these uncertainties, the Company cautions you not to place undue reliance on such statements.
For further information regarding risks and uncertainties associated with the Company's business, and important factors that could cause the Company's actual results to vary materially from those expressed or implied in its forward-looking statements, please refer to the factors listed and described under "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the "Risk Factors" sections of the Company's documents filed from time to time with the U.S. Securities and Exchange Commission, including, but not limited to, the Company's quarterly reports on Form 10-Q, and the Company's annual report on Form 10-K, copies of which may be obtained from the Company's Web site at www.CNLHealthcareProperties.com .
All written and oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by this cautionary note. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to, and expressly disclaims any obligation to, publicly release the results of any revisions to its forward-looking statements to reflect new information, changed assumptions, the occurrence of unanticipated subsequent events or circumstances, or changes to future operating results over time, except as otherwise required by law.
###
Lisa Schultz Chief Communications Officer CNL Financial Group (407) 650-1223
