Cypress West was noted in the following press release as now managing the assets acquired by CNL
CNL Healthcare Properties Acquires Medical Office Buildings in California and Florida
(ORLANDO, Fla.) Jan. 27, 2014 — 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.