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.
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Kelsi Maree Borland
