Orlando-based real estate investment trust CNL Healthcare Properties just sold off a national portfolio of health care facilities, in a deal valued at $1.25 billion.
The 55-building portfolio includes a mix of medical office buildings, post-acute care facilities and specialty hospitals across 16 states. In total, the portfolio consists of about 3.3 million square feet of Class A medical space.
Welltower Inc. an S&P 500 company headquartered in Toledo, is the buyer. Its REIT focuses on acquiring senior housing, post-acute communities and outpatient medical properties in the United States, Canada and the United Kingdom.
The deal was announced earlier this year. In a release, Stephen H. Mauldin, president and CEO of CNL Healthcare Properties, said the deal is the "first sizable transaction" in its "strategic alternatives process to provide liquidity to investors."
According to the release, CNL Healthcare Properties will continue to own and manage a senior housing portfolio of 87 communities located in 31 states.