Firm paid $54.56 million for the 162,000 s.f. portfolio with a cap rate of 6.6%
By John B. Mugford
One of the MOBs AW Property Co. acquired was the 29,721 square foot Jupiter Medical Park West at 1004 S. Old Dixie Highway in Jupiter, Fla., about a block from the Jupiter Medical Center. (Photo courtesy of AW Property Co.)
North Palm Beach, Fla.-based AW Property Co. has acquired a three-MOB portfolio with 162,000 square feet of space in Jupiter, where two buildings are located, and Baco Raton for $54.56 million, or about $337 per square foot (PSF), from Nashville, Tenn.-based Healthcare Realty Trust (NYSE: HR).
The firm made the purchase through its AW Medical Office Fund IV, a “$300 million, fully discretionary core-plus fund targeting medical office buildings in favorable markets across the Southeast United States.”
According to transaction data from Arnold, Md.-based Revista, the capitalization (cap) rate, or first-year estimated return, was 6.6 percent.
According to AW, the portfolio is 98 percent occupied, with the buildings being located in “dense medical clusters” or near hospital campuses.
Here’s a look at the MOBs in the transaction, with pricing from Revista:
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