May 17, 2019
Toledo, OH-based Welltower Inc. completed a previously-announced $1.25-billion acquisition of a portfolio of 55 medical office properties from Orlando-based CNL Healthcare Properties. The Class A health care facilities are located in major metropolitan markets across 16 states.
Welltower’s Keith Konkoli says, “By leveraging the strength of our platform, we have made substantial progress in extending ground leases, have experienced increased leasing velocity, and have identified additional opportunities to deploy capital that helps our health system partners improve care delivery to the communities they serve, further demonstrating our unique ability to drive long-term value through meaningful collaborations with the nation’s premier health systems.”
The portfolio encompasses 3.3 million rentable square feet of medical office buildings, post-acute care facilities and specialty hospitals.
CNL Healthcare Properties’ Stephen H. Mauldin says, “This is the first sizeable transaction in our carefully orchestrated strategic alternatives process to provide liquidity to investors, and we are very pleased with the outcome.”
CNL was advised by an HFFS team led by Steve Hentschel and Ted Flagg as well as members of HFF’s national medical office capital markets team, including Evan Kovac and Ben Appel, Andrew Milne, Zach Drozda and Anthony Frogameni.
*Pictured Claremont Medical Plaza, Claremont, CA
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