CNL Healthcare Properties Buys Elyria Medical Building for $20M

The Cleveland Clinic Elyria Family Health and Surgery Center has a new owner. Orland-based CNL Healthcare Properties Inc. has acquired the property as part of a six-building portfolio for which it paid a total of $59.5 million.

The Cleveland Clinic Elyria Family Health and Surgery Center has a new owner. Orland-based CNL Healthcare Properties Inc. has acquired the property as part of a six-building portfolio for which it paid a total of $59.5 million.

The 40,000-square-foot, outpatient-oriented medical facility was constructed in 2008. It is located at 303 Chestnut Commons Drive in Elyria and is fully leased by The Cleveland Clinic, which will remain a tenant in the building.

According to the website of the Lorain County Auditor’s Office, the property was acquired for $20.2 million in a deal that closed on Aug. 22. The seller was MMIC Chestnut Commons LLC. The market value was set at $12.1 million, while the market value of the land was set at $1.8 million.

Totaling 181,890 square feet, CNL Healthcare’s newly acquired portfolio also features properties in the Phoenix, Kansas City, Kan., and San Diego metropolitan areas. The other five buildings are the John C. Lincoln Medical Plaza I and II and the North Mountain Medical Plaza in Phoenix; the Doctors Specialty Hospital Medical Office Building in Leawood, Kan.;  and the Escondido Medical Arts Center in Escondido, Calif.

“We believe this acquisition will both expand and diversify our medical office and specialty healthcare portfolio with the addition of high-quality facilities in thriving metropolitan markets,” Kevin Maddron, senior managing director for healthcare and senior housing properties for CNL Financial Group, said in a statement for the press.

The Cleveland Clinic Elyria Family Health and Surgery Center will be managed by the healthcare division of Holladay Properties, which will also manage and lease the properties in Kansas and Phoenix. Lincoln Harris CSG, an affiliate of Lincoln Property Co., will manage the center.

This is CNL Healthcare’s fourth medical office- and healthcare-related facility portfolio acquisition this year. The company said it has invested $149.7 million in 12 medical facilities across the country.

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