AW Property scooped up a pair of medical office buildings in Jupiter for $17.8 million, combined.
In the bigger deal, Healthcare Realty Trust sold the Jupiter Medical Park West at 1004 South Old Dixie Highway for $10 million, according to records and real estate database Vizzda. The sale was only of the building, not the land, and included a reassignment of the ground lease from Healthcare Realty Trust to AW Property, records show. The landlord is an entity called Jupiter Medical Center, according to Vizzda records.
In the smaller deal, Nashville-based Healthcare Realty Trust sold the Jupiter Medical Center Plaza at 1025 Military Trail for $7.7 million.
North Palm Beach-based AW Property invests in and renovates medical offices across the Southeast, its website says. It’s led by managing director Brian Waxman.
In 2018, AW dropped $11.5 million for the five-story medical facility at 3700 Washington Street in Hollywood.
Healthcare Realty Trust, led by CEO Todd Meredith, is a publicly traded real estate investment trust that owns and manages outpatient medical facilities, its website says. Its portfolio consisted of 660 properties spanning 38.7 million square feet across the U.S. as of Sept. 30.
In South Florida, Healthcare Realty Trust sold at least two of its properties this year and last year. In January, it sold the 120-bed assisted living facility at 9701-9711 West Oakland Park Boulevard in Sunrise for $26.7 million to The Portopiccolo Group. Last year, it sold the William “Bill” Kling Department of Veterans Affairs Outpatient Clinic at 9800 West Commercial Boulevard in Sunrise for $38.2 million, a 23.3 percent discount from its purchase price in 2017.
South Florida medical offices have been trading at a healthy pace. The tri-county region has long been a magnet for retirees and others seeking a healthy lifestyle, helping prop up the asset class. In September, Ventas bought the 79-bed Kindred Hospital The Palm Beaches at 5555 West Blue Heron Boulevard in Riviera Beach for $37 million.