1250 Medical Plaza trades for $16.1 million

A Palm Beach Gardens investment firm has acquired a four-story medical office building outside downtown Sarasota near Sarasota Memorial Hospital for $16.1 million.

AW Property Co.'s late April deal for the 1250 Medical Plaza ranks as among the largest office deals in Sarasota County in the past year, according to county property records.

The 48,200-square-foot building, completed in 2006, is currently 95% occupied by Partners Imaging Centers and others.

AW Property's purchase from 1250 Holdings was made more complex because the green glass-skinned building had been partially sold off to tenants as condominiums. At least two of the units had to be reacquired prior to the fee-simple sale to AW Property, a 14-year-old firm founded by Brian K. Waxman that owns more than 1.5 million square feet in all.

“It was a very complicated deal but also an exciting one,” says Christopher Deveso, the TC Group LLC principal that brokered the 1250 S. Tamiami Trail sale. “It's easily one of the finest medical office buildings on the west coast of Florida.”

Deveso adds the sale of the building, which was offered to more than 30 investment groups in all, took more than two years to complete.

“Everyone said it was a great building, but it was also a broken condo,” Deveso says. “We were able to unify it and do a fee simple sale, which generated value for the buyer.”