Three Lee County buildings sell for $15.27 million

BUYER: AW Lehigh LLC, (principals: Brian Waxman and Peter Applefield), Palm Beach Gardens
SELLER: Healthcare Realty Trust Inc.
PROPERTY: 1530 Lee Blvd., Lehigh Acres
PRICE: $9.87 million
PREVIOUS PRICE: $4.93 million, November 1994

BUYER: AW Bonita Bay LLC, (principals: Brian Waxman and Peter Applefield), Palm Beach Gardens
SELLER: HR of Bonita Bay Ltd.
PROPERTY: 26800 S. Tamiami Trail, Bonita Springs
PRICE: $4.5 million
PREVIOUS PRICE: $6.23 million, October 2006

BUYER: AW Southwest Plaza Inc. , (principals: Brian Waxman and Peter Applefield), Palm Beach Gardens
SELLER: Healthcare Realty Trust Inc.
PROPERTY: 2675 Winkler Ave., Fort Myers
PRICE: $900,041
PREVIOUS PRICE: $22.81 million, October 2006 (additional properties)

LAW FIRM ON DEED: Baker Donelson Bearman Caldwell & Berkowitz PC, Nashville

PLANS, DESCRIPTION: Palm Beach Gardens-based AW Property Co. and Dallas-based MedProperties Holdings LLC purchased Bonita Bay Medical Centre in Bonita Springs and Southwest Plaza in Fort Myers for $4.5 million and $900,041, respectively.

The two properties were purchased as part of a four-project, six-building portfolio in Southwest Florida the companies acquired from Healthcare Realty Trust.

Independent of the joint venture, AW Property Co. purchased the two-story East Pointe Medical Plaza in Lehigh Acres from Healthcare Realty Trust for $9.87 million.

The three-story Southwest Plaza is 50% occupied and will be renovated with improvements to the roof, HVAC units, common area bathrooms and parking lot, according to Brian Waxman, managing director of investment management for AW Property.

Bonita Bay Medical Centre was 40% leased at the time of the sale and requires much of the same work.

Waxman says East Pointe Medical Plaza is 100% leased and requires no renovation work.

AW Property says it paid a total of $30.3 million for the 272,571 square feet of medical space it purchased from Healthcare Realty Trust for $111 per square foot. Along with the Lee County facilities, the portfolio includes the three-building St. Andrews Medical Park in Venice and the two-story Countryside Medical Arts building in Safety Harbor.

MedProperties Holdings LLC is a healthcare real estate private equity firm.

AW Property is a real estate investment and operating company that focuses on professional office and medical properties in major markets throughout Florida. Founded in 2002, the firm currently operates 90 buildings comprising more than 2.75 million square feet of commercial space.