Why an Orlando REIT Can't Get Enough of Chula Vista MOBs

Orlando-based CNL Healthcare Properties REIT has made its second major MOB buy in Chula Vista, shelling out more than $480/SF for two fully leased buildings at Doctors Park at Eastlake.

CNL paid $15M for the two buildings at 959 and 971 Lane Ave near Otay Lakes Road, which total 31k SF. The properties are fully leased to Cancer Treatment Services San Diego and Scripps Health. Doctors Park at Eastlake has five MOBs on its campus, but only these two are owned by CNL. JLL's Bob Prendergast, Lynn LaChapelle, Paul Braun, Steve Leathers, Chris Ross and John Morrison brokered the sale.

Paul (here with Chris) says the county's aging population is driving demand for outpatient medical care as health systems continue to push more procedures and services out of hospitals and into medical office buildings. These aren't the first Chula Vista properties bought by CNL. The firm picked up Chula Vista Medical Arts Center Plazas 1 and 2 in 2013 and 2014, respectively, for more than $28M, but for only $267/SF. And CNL has been on a shopping spree this year, buying more than $540M in 25 MOBs and senior housing projects across the nation.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's San Diego Newsletters
Related Stories

Center City Office Demand Starts Spilling From Trophy To Class-A Despite Debt Issues

EXCLUSIVE: Georgia-Pacific Scraps Conversion Plans For Its Atlanta HQ

Y'all Street Powers Trophy Office Momentum In Uptown Dallas

Baby Boomers Help Push Atlanta Medical Space Rents Above Traditional Office

U.S. Office Sales Show 31% Year-Over-Year Growth

Burlington Moving HQ To Philly, Buys Office Building For $240M

In Booming Silicon Valley, Architecture Firm Revel Meets Clients Where They Are

Miami Is 'Desperate' For A New Office Tower. It's About To Get 2

Joss Realty CEO, Executives Join Another Company's Real Estate Division

Bluerock Affiliate Acquires Sunnyvale Office Hub For $330.7M

Tishman Misses Payment Deadline On $450M International Square Loan

Investors Turn To Office Retrofits As Rents Rise And Tenants Stay Put