Orlando, Fla., July 1, 2014 (GLOBE NEWSWIRE) -- CNL Healthcare Properties, a real estate investment trust (REIT) focused on senior housing and healthcare facilities, has purchased the Houston Orthopedic & Spine Hospital campus (HOSH) for $76 million, making it the largest single-property investment in the REIT's portfolio. The Class A health campus includes a 126,946 square-foot, state-of-the-art specialty hospital, a 99,768 square-foot, multitenant medical office building and two dedicated parking structures. The campus was completed in 2007.
"The HOSH campus is an exceptional addition to our expanding healthcare portfolio, allowing us to further enhance and diversify our holdings," said Stephen H. Mauldin, president & CEO of CNL Healthcare Properties. "Strategically positioned in the nation's fifth largest metropolitan area, HOSH's management and providers have earned an outstanding reputation for delivering the highest quality services and patient care."
The campus is located at the intersection of Interstates 69 and 610, two of the region's major thoroughfares, and in the highly desirable and affluent Galleria submarket. The hospital includes 64 private beds, 10 operating suites and a variety of imaging services. In August 2013, Consumer Reports ranked HOSH as one of Houston's top surgical hospitals, based on a variety of factors including patient outcomes and patient satisfaction.
Lincoln Harris CSG, a nationally focused healthcare management company and the largest medical property manager in Texas, will provide on-site leasing and management services.
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, stabilized, stabilizing 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.
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CONTACT: Sherry Magee Senior Vice President Communications CNL Financial Group (407) 650-1223
Source:CNL Healthcare Properties