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.

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.

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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.