AW Property Co. has partnered with Invesco Real Estate to recapitalize a 13-builiding medical office portfolio in Florida for $170 million. The recapitalization included $96 million of debt financing through Capital One Healthcare.
Located in dense infill markets in Florida, including Palm Beach, Broward, Sarasota and Lee, the portfolio features two single-tenant properties and 11 multi-tenant properties. Sarasota Memorial Hospital, Baptist Health South Florida, Lee Health, Memorial Healthcare and HCA Healthcare are among the healthcare systems in the portfolio. At the time of the recapitalization, the portfolio had 97% occupancy.
According to AW, the recapitalization generated strong interest from "highly regarded real estate investors" in the US. The firm chose Invesco because the firm had "a common investment thesis" and would serve as "long-term stewardship of these assets," according to Brian K. Waxman, managing director of AW.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Kelsi Maree Borland
