North Palm Beach, Florida, February 14, 2022 – AW Property Co. (“AW”), a real estate investment and operating company specializing in healthcare properties, announced the $170 million recapitalization of a 13-building medical office portfolio totaling 478,000 square feet across the State of Florida. AW’s new partner in the portfolio is Invesco Real Estate, a global real estate investment manager.
The institutional grade portfolio consists of two single-tenant and 11 multi-tenant buildings that are aligned with the most preeminent healthcare systems in the State of Florida, including Sarasota Memorial Hospital, Baptist Health South Florida, Lee Health, Memorial Healthcare and HCA Healthcare. The assets are strategically located in dense infill locations in the State of Florida, with significant coastal presence in high growth and demographically favorable counties such as Palm Beach, Broward, Sarasota and Lee.
With 12 of the buildings located on or adjacent to hospital campuses and an overall occupancy of 97%, the portfolio provides stability with premier hospital affiliation.
“With our specific long-term goals in mind, we undertook a competitive marketing process to procure a long-term capital partner for this portfolio. The process yielded a variety of compelling options from some of the most highly regarded real estate investors in the country. Ultimately, we chose a partner that shared a common investment thesis for long-term stewardship of these assets” said Brian K. Waxman, Managing Director of AW.
The joint venture secured $96 million of debt financing through Capital One Healthcare.
AW was advised on the transaction by E. Hunter Beebe and William Earl of Kaufman Hall.
About AW Property Co.
AW Property Co. is a fully integrated real estate investment company that specializes in acquiring and enhancing medical and professional office properties in major markets throughout the Southeast. AW has a highly dedicated, customer-focused team of professionals with expertise in all facets of real estate acquisitions, redevelopment, finance, operations and asset management. AW’s headquarters are located in North Palm Beach, Florida with regional offices throughout the Southeast. Visit awproperty.com for more information.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $87.0 billion in real estate assets under management, 597 employees and 21 regional offices across the U.S., Europe and Asia (as of September 30, 2021). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.
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