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Orlando, Fla., Dec. 2, 2014 (GLOBE NEWSWIRE) -- CNL Healthcare Properties, a real estate investment trust (REIT)focused on senior housing and healthcare facilities, has acquiredthe Northwest Medical Park building, a 45,565-square-foot, Class A,multitenant medical office building in Margate, Florida, a suburbof Fort Lauderdale, for approximately $11.3 million.
Holladay Properties, one of the largest privately heldhealthcare property leasing and management companies in the UnitedStates, will manage and lease Northwest Medical Park for the REIT.The company currently manages 15 assets for CNL HealthcareProperties, including two medical office buildings in nearby CoralSprings.
Built in 2004, the Northwest Medical Park building is locatedadjacent to the Northwest Medical Center, a 223-bed hospitaloperated by HCA that features a new Heart and Vascular Institute,as well as a state-of-the-art interventional radiology room withendovascular capabilities. The medical office building is currently78 percent occupied with remaining vacant space subject to aperforming master lease. CNL Healthcare Properties and HolladayProperties are implementing a leasing strategy over the nextseveral years to boost the building's existing occupancy rate.
"Northwest Medical Park is a great fit for our growinghealthcare portfolio and we are delighted to have the opportunityto acquire it," said James Schmid, senior vice president of CNLHealthcare Properties. "As our existing healthcare facilitiesportfolio grows and matures, we intend to pursue select value addand development opportunities in addition to stabilizedacquisitions, and Northwest Medical Park is an example of such anopportunity which we believe will create value over time. We alsolook forward to expanding our presence in the South Florida marketwith Holladay Properties."
About CNL Healthcare Properties
CNL Healthcare Properties, Inc., is a real estate investmenttrust (REIT) that focuses on acquiring properties in the seniorhousing and healthcare sectors, both stabilized and development, aswell as other income-producing properties, real-estate relatedsecurities and loans. CNL Financial Group, LLC is the sponsor ofCNL Healthcare Properties. For more information, visit CNLHealthcareProperties.com.
About CNL Financial Group
CNL Financial Group (CNL) is a leading private investmentmanagement firm providing global real estate and alternativeinvestments. Since inception in 1973, CNL and/or its affiliateshave formed or acquired companies with more than $29 billion inassets. CNL is headquartered in Orlando, Florida. For moreinformation, visit CNL.com.
Cautionary Note Regarding Forward-LookingStatements
Statements above that are not statements of historical orcurrent fact may constitute "forward-looking statements" within themeaning of the Federal Private Securities Litigation Reform Act of1995. The Company intends that such forward-lookingstatements be subject to the safe harbor created bySection 21E of the Securities Exchange Act of 1934, asamended. Forward-looking statements are statements that donot relate strictly to historical or current facts, but reflectmanagement's current understandings, intentions, beliefs, plans,expectations, assumptions and/or predictions regarding the futureof the Company's business and its performance, the economy, andother future conditions and forecasts of future events, andcircumstances. Forward-looking statements are typicallyidentified by words such as "believes," "expects," "anticipates,""intends," "estimates," "plans," "continues," "pro forma," "may,""will," "seeks," "should" and "could," and words and terms ofsimilar substance in connection with discussions of futureoperating or financial performance, business strategy andportfolios, projected growth prospects, cash flows, costs andfinancing needs, legal proceedings, amount and timing ofanticipated future distributions, estimated per share net assetvalue of the Company's common stock, and/or other matters. TheCompany's forward-looking statements are not guarantees of futureperformance. While the Company's management believes itsforward-looking statements are reasonable, such statements areinherently susceptible to uncertainty and changes in circumstances.As with any projection or forecast, forward-looking statements arenecessarily dependent on assumptions, data and/or methods that maybe incorrect or imprecise, and may not be realized. The Company'sforward-looking statements are based on management's currentexpectations and a variety of risks, uncertainties and otherfactors, many of which are beyond the Company's ability to controlor accurately predict. Although the Company believes that theexpectations reflected in such forward-looking statements are basedupon reasonable assumptions, the Company's actual results coulddiffer materially from those set forth in the forward-lookingstatements due to a variety of risks, uncertainties and otherfactors. Given these uncertainties, the Company cautions you not toplace undue reliance on such statements.
For further information regarding risks and uncertaintiesassociated with the Company's business, and important factors thatcould cause the Company's actual results to vary materially fromthose 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 andResults of Operations" and the "Risk Factors" sections of theCompany'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'sannual report on Form 10-K, copies of which may be obtained fromthe Company's website at CNLHealthcareProperties.com.
All written and oral forward-looking statements attributable tothe Company or persons acting on its behalf are qualified in theirentirety by this cautionary note. Forward-looking statementsspeak only as of the date on which they are made, and the Companyundertakes no obligation to, and expressly disclaims any obligationto, publicly release the results of any revisions to itsforward-looking statements to reflect new information, changedassumptions, the occurrence of unanticipated subsequent events orcircumstances, or changes to future operating results over time,except as otherwise required by law.
CONTACT: Sherry Magee Senior Vice President Communications CNL Financial Group 407-650-1223
Source:CNL Healthcare Properties