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.
