News Release: AW Property Co. sells six-building MOB portfolio for $63 million

Victor Farris Building, 1411 N. Flagler Dr., West Palm Beach, Fla. (Photo courtesy of AW Property Co.)

AW Property Co. is pleased to announce the disposition of a six-building, 428,000 square foot, on-campus medical office building portfolio located
throughout South Florida.

Transaction Overview

Healthcare Real Estate Capital (“HRE Capital”), as exclusive financial advisor to AW Property Co. (“AW”), is pleased to announce the disposition of a six-building, 428,000 square foot, on-campus medical office building portfolio (“Portfolio”) located throughout South Florida.  The multi-tenant Portfolio, located in West Palm Beach, Fort Lauderdale and Miami, was acquired by AW in 2010 from a healthcare system and has since been renovated, repositioned and stabilized.  AW will continue to provide leasing and property management services for the new owner, a well-established institutional investor (“Investor”).

This assignment represents the fifth engagement by HRE Capital on behalf of AW over the last three years.  HRE Capital previously represented AW in 1) a $70.6 million joint venture equity raise for the acquisition and recapitalization of a 10-building, 710,124 square foot medical office portfolio; 2) a $23.4 million equity and debt raise for the acquisition of a 238,071 square foot medical office portfolio; 3) a $10.5 million disposition of a 34,500 square foot medical office building; and 4) a $8.5 million debt raise for the recapitalization of two medical office buildings totaling 193,109 square feet.

HRE Capital’s Role On behalf of AW, HRE Capital undertook a competitive marketing process to secure a capital partner to acquire and / or recapitalize the Portfolio.  HRE Capital’s efforts included approaching a diverse pool of core and value-add equity and debt sources.  Based on HRE Capital’s efforts, AW’s track record, and the quality of the Portfolio, numerous proposals were received from various investors including foreign capital sources, REITs and real estate funds. Ultimately, AW selected the well-established Investor to acquire the Portfolio, while retaining leasing and property management responsibilities.

Healthcare Real Estate Capital HRE Capital is a national advisory firm focused solely on the healthcare real estate sector. Our clients include many of the nation’s top healthcare providers and developers / investors of healthcare real estate. HRE Capital’s focused model provides clients with an unmatched level of relevant experience and independent transaction analysis, structuring and execution capabilities.  Providing both consultative and transaction oriented services, including asset / portfolio joint venture structuring, recapitalizations, dispositions and other related real estate advisory services, HRE Capital has completed engagements approaching $2 billion over the last three years.

AW Property Co. AW is a real estate investment and operating company that focuses on professional office and medical properties in major markets throughout the State of Florida. Founded in 2002, AW currently has a staff of 45 professionals and operates 86 buildings comprising 2.7 million square feet of commercial space in specific target markets.  AW’s professionals have a wide array of industry experience, with expertise in all facets of real estate acquisitions, redevelopment, finance, operations and asset management.  Headquartered in Palm Beach Gardens, AW has regional offices in Miami, Fort Lauderdale, West Palm Beach, Melbourne and Fort Myers.