The Real Deal Miami

AW Property buys medical office building in Hollywood

Building, which is 84% leased, sold for $11.5M
By Keith Larsen | July 30, 2018 11:30AM

Photo of Hollywood Medical Office Building (credit: SF Partners)

A Miami-based commercial real estate firm just sold a medical office building in Hollywood to AW Property Co. for $11.5 million.

Property records show AW Property paid about $200 per foot for the 58,000-square foot, five-story facility at 3700 Washington Street. The Hollywood Medical Office Building, developed in 1975, is on Memorial Regional Hospital South’s campus.

Cushman & Wakefield represented the seller, SF Partners. SF Partners paid $8.3 million for the property in 2015.

Tenants include Oncology Associates of South Florida, Pinnacle Healthcare System, and Reyes & Reyes MD. The building was 84 percent occupied at the time of the sale, according to a press release from Cushman.

The property, along with Hollywood Medical Office Building, is one of two medical office buildings on the Memorial Regional Hospital South campus.

AW Property Co. specializes in medical and professional office properties in major markets throughout Florida. It operates over 1.5 million square feet of space.

SF Partners was founded in 2009 and has purchased and operated more than 30 commercial properties totaling more than two million square feet.

In April, SF Partners sold a 73,500-square-foot medical center at 2051 and 2151 45th Street in West Palm Beach for $9.5 million.