Orlando, Fla., Feb. 26, 2015 (GLOBE NEWSWIRE) -- CNL Healthcare Properties, a real estate investment trust (REIT) focused on senior housing and healthcare facilities, has acquired the UT Cancer Institute Building, a 100,104-square-foot, Class A medical office building in Knoxville, Tennessee, for approximately $33.66 million. The four-story building is connected to the 581-bed University of Tennessee Medical Center, the largest medical campus in eastern Tennessee and one of the largest in the country.
Meadows & Ohly will manage and lease the facility on behalf of CNL Healthcare Properties. Meadows & Ohly currently oversees the management and leasing for nine other medical facilities owned by the REIT.
Opened in 2012, the UT Cancer Institute Building is 100 percent leased to two tenants: University Health System, which features a full-service oncology center, and University Orthopedic Surgeons, a division of OrthoTennessee, a premier orthopedic care provider in eastern Tennessee. The medical office building is the newest property on the University of Tennessee Medical Center campus, where it is commonly referred to as "Building F," and is one of the only buildings physically connected to the hospital via a sky bridge.
"As a newer, fully leased property on one of the largest medical campuses in the country, the UT Cancer Institute Building is a terrific addition to CNL Healthcare Properties' expanding portfolio of medical office buildings," said Stephen H. Mauldin, president and CEO of CNL Healthcare Properties. "We are also thrilled to deepen our relationship with Meadows & Ohly, which in just a short amount of time has proven to be a terrific operating partner for us."
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 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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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 website at CNLHealthcareProperties.com .
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Sherry Magee Senior Vice President Communications CNL Financial Group 407-650-1223
