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UPDATE: AW Property Co, MedProperties Holdings Pay $33.4M for Healthcare Portfolio

Six Properties Trade in Southwest Florida
May 2, 2012
Southwest Medical Center Plaza in Fort Myers, Florida
Southwest Medical Center Plaza in Fort Myers, Florida
AW Property Co. and Dallas-based MedProperties Holdings LLC have acquired a 238,071-square-foot medical office portfolio located throughout southwest Florida for $33.365 million, or about $140 per square foot, from Healthcare Realty Trust, Inc.

The six on- and off-campus medical office buildings (MOBs) are located on four projects across Southwest Florida. The properties range from 10,000 to 70,000 square feet and were all built in the 1990s. They represent a mix of core and value-add assets that the buyer acquired on a direct basis through an existing relationship.

The properties involved in the transaction include Countryside Medical Arts in Safety Harbor, FL; the three-building St. Andrews Medical Park in Venice, FL; Bonita Bay Medical Centre in Bonita Springs, FL; and Southwest Plaza in Fort Myers, FL.

The acquisition represents MedProperties first foray into the state of Florida, and its first partnership with established Florida investor AW Property Co. As part of the relationship, AW Property Co. will lease and manage the properties, currently home to a wide variety of clinics and physician groups.

Acquisition financing was provided in part by GE Capital. Healthcare Real Estate Capital LLC was selected as the exclusive financial advisor to AW Property Co. related to the equity and debt raise for the acquisition. HRE previously represented AW in a similar capacity for a $70.6 million, 10-building acquisition.

For additional information on this six-building MOB portfolio sale, see CoStar COMPS #2297490.

Editor's Note: This article was updated with additional information obtained by CoStar Group about the sale, including the property list and the buyer's JV partner, MedProperties.

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