Welltower’s Coral Springs medical office buy is part of $1.25B portfolio acquisition

The firm bought the portfolio from CNL Financial, adding to its South Florida projects.
By Keith Larsen | May 23, 2019 09:45AM

 2901 Coral Hills Drive and Welltower CEO Thomas J. DeRosa

2901 Coral Hills Drive and Welltower CEO Thomas J. DeRosa

Welltower bought a Coral Springs medical office building as part of a $1.25 billion portfolio acquisition from CNL Financial.

The Toledo, Ohio-based healthcare real estate investment trust purchased the office building at 2901 Coral Hills Drive for $18.35 million, records show.

The building totals 54,484-square feet and sits on 3.6 acres in front of Broward Health Coral Springs. It was constructed in 2005.

The deal is one of the 55 Class A medical office buildings Orlando-based CNL sold to Welltower on May 15. The Coral Springs office building’s tenants include Sanitas Medical Center, a primary, specialty and urgent care provider.

Welltower mostly invests in senior housing, assisted living and memory care communities, post-acute care facilities and medical office buildings, as well as hospitals, according to its website.

The company has a number of projects in South Florida. In February, a joint venture between Welltower and Revera Living scored a $25.2 million construction loan for its Sunrise of Boynton Beach senior living facility in Palm Beach County.

Last year, Welltower paid $130 million  for a senior living community in Boca Raton.