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.

Miami /
May.May 23, 2019 09:45 AM
 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.


Related Articles

arrow_forward_ios
Jorge Perez and Jon Paul Perez with Terminal Island (Getty, iStock)

Related gets height increase needed for Terminal Island office project in Miami Beach

Related gets height increase needed for Terminal Island office project in Miami Beach
Rendering of the Dorsey with Alex Karakhanian, Jon Paul Perez and Tricera’s Scott Sherman and Ben Mandel (iStock)

Related scores $88M construction loan for Dorsey project in Wynwood

Related scores $88M construction loan for Dorsey project in Wynwood
Elliott Management's Paul Singer, Microsoft CEO Satya Nadella and Citadel's Ken Griffin (Getty)

Microsoft, Citadel and Elliott Management among firms expanding in South Florida

Microsoft, Citadel and Elliott Management among firms expanding in South Florida
Prologis CEO Hamid Moghadam, Amerant CEO Millar Wilson and 12496 Northwest 25th Street in Sweetwater (Google Maps; Prologis; Amerant)

Prologis pays $12M for Sweetwater office building

Prologis pays $12M for Sweetwater office building
6262 Sunset Drive in South Miami with USAA CEO Len O’Donnell and Ardent Companies CEO Matt Shulman (Photos via Google Maps; Ardent; USAA)

Ardent buys South Miami medical office building for $37M

Ardent buys South Miami medical office building for $37M
Phillips Point office towers with Related's Stephen Ross (JLL, Getty)

Related Cos. to pay $282M for West Palm Beach office towers

Related Cos. to pay $282M for West Palm Beach office towers
Blackstone's Jon Gray and 2MiamiCentral (Getty)

Blackstone inks lease at MiamiCentral in downtown Miami

Blackstone inks lease at MiamiCentral in downtown Miami
From left: Tom Brady and Gisele Bündchen; Pharrell Williams; Sylvester Stallone and Jennifer Flavin; Jared Kushner and Ivanka Trump (Getty, iStock)

South Florida’s biggest real estate stories of 2020

South Florida’s biggest real estate stories of 2020
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...