Orlando, Fla., Oct. 03, 2017 (GLOBE NEWSWIRE) -- CNL Healthcare Properties II, a non-traded real estate investment trust (REIT) focused on seniors housing and healthcare properties, has signed a definitive agreement to purchase a two-story medical office building in Overland Park, Kansas, for approximately $14 million. This would be the first medical office investment for CNL Healthcare Properties II.
Subject to customary due diligence and other closing conditions, the planned acquisition is expected to close during the fourth quarter of 2017, but there can be no assurance that the transaction will close.
“The Overland Park medical office building is indicative of how we are approaching the early construction of our portfolio, with a strategically located building in a high-end submarket,” said Stephen H. Mauldin, president and CEO of CNL Healthcare Properties II. “This stabilized asset with durable cash flows will be a strong addition for us, and we are thrilled to be in the position to acquire it.”
CNL Healthcare Properties II was selected to purchase the property over several other credible buyers, including public REITs, based on its ability to close and reputation with the broker and in the industry.
The Overland Park medical office building is a 38,496-square-foot, Class A facility. It was built in 2007 in Overland Park, an affluent suburb of Kansas City, on the campus of the 154-bed HCA Midwest Menorah Medical Center. The facility is 100 percent leased and anchored by an ambulatory surgical center that is operated as a joint venture between HCA and a physicians group. Located at the corner of major thoroughfares, the building maintains close proximity to other medical facilities, retail offerings and the campus of Sprint’s world headquarters.
Over the last 15 years, CNL Financial Group has been especially active in the seniors housing and healthcare sector. As of June 30, 2017, CNL-sponsored companies have invested in seniors housing and healthcare real estate investments valued at more than $10 billion collectively.
About CNL Healthcare Properties II
CNL Healthcare Properties II intends to qualify as a real estate investment trust (REIT) for federal income tax purposes beginning with the year ending Dec. 31, 2017, or the first year in which it commences material operations. Based in Orlando Florida, CNL Healthcare Properties II intends to invest in the seniors housing, medical office, acute care and post-acute care sectors. For more information, visit cnlhealthcarepropertiesii.com.
About CNL Financial Group
CNL Financial Group (CNL) is a private investment management firm providing real estate and alternative investments. Since inception in 1973, CNL and/or its affiliates have formed or acquired companies with more than $34 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit cnl.com.