The average price contracted for each property is $8.29 million. The deal is expected to close by the end of the third quarter. "The acquisition is subject to the customary closing conditions, and there are no assurances that all of the closing conditions will be satisfied or that these facilities will be acquired by CNL Retirement Properties Inc.," Stuart J. Beebe, executive vice president and chief financial officer of CNL Retirement Properties, says in a prepared statement.

If the deal goes through, CNL Retirement will increase its portfolio to 193 properties in 30 states. CNL's seniors' housing sector will have 16,035 units; the medical office building segment will have 667 tenants. Dasco will continue to provide development, leasing and management services for the 28 buildings.

"CNL has an option to acquire a significant interest in the (Dasco) company and participate in new business opportunities," Beebe says. "This strategic opportunity will enable us to add 28 quality medical office buildings to our growing healthcare portfolio, further leveraging our diversification in this merging real estate sector."

Local investor Jim Heistand chairs Dasco. In 1997, Heistand sold 6.5 million sf of office space to Raleigh, NC-based Highwoods Properties Inc. for $622 million, the largest commercial real estate deal of its kind here at that time. On his deal with CNL, Heistand says, "We filed an S-11 with the SEC to go public. However, after our discussions with CNL, we realized that Dasco and CNL share the same values and focus on relationships."

Heistand adds, "We believe this transaction with CNL is in the best interests of our clients, investors and the company going forward, and upon closing this transaction, Dasco will withdraw its registration statement."

Besides seven medical office buildings in Florida, the other properties are in Arizona, California, Colorado, Georgia, Illinois, Kentucky, Mississippi and Texas.