CNL Healthcare Pays $40.3M for Calvert Medical Office Properties in MD

Subsidiaries of CNL Healthcare Properties, Inc. have completed the acquisitions of ground leases for the Calvert Medical Office Properties, three medical office buildings and associated assets located in Maryland, for an aggregate purchase price of $40.3 million.

The three properties total 171,920 rentable square feet and were built between 1991 and 2009.

The Calvert Medical Office Properties consist of

(i) the Calvert Medical Arts Center, a four-story, 69,514 square foot medical office building in Prince Frederick, MD, which was purchased from Calvert Medical Arts Center, LLC for $19.3 million;

(ii) the Dunkirk Building, a two-story, 22,626 medical office building in Dunkirk purchased from CMH II Holding Co. for $4.6 million; and

(ii) three, three-story medical office buildings with 79,780 rentable square feet in Prince Frederick, Maryland acquired for $16.4 million. More specifically:
– one three-story medical office building purchased from Calvert Medical Office Building LP in which Calvert Memorial Hospital of Calvert County owns a partnership interest;
– one three-story medical office building purchased from CMH II Holding Co.; and
– one three-story medical office building purchased from CMH II Holding Co..

Subject to obtaining certain ground lease amendments, CNL may also close on the acquisition of Solomons Island Building, an additional two-story medical office building and one parking area located adjacent to the Solomon Islands Building in Solomons, Maryland from CMH Holding Co. in the third quarter of 2013.

Each of the Calvert Medical Office Properties has multiple tenants.