AW Property Enters North Carolina Market

North Palm Seashore, Fla.-centered AW Assets Co. has entered the North Carolina market with the invest in of Blue Ridge Center I and II, a two-creating, 123,953-square-foot professional medical business office campus in Raleigh. Blue Ridge Realty was the vendor, in accordance to CommercialEdge information.

AW paid out $29 million for the Course A asset via its Healthcare Business office Fund IV, a $300 million, absolutely discretionary core-moreover investment vehicle focusing on health-related business office properties in Southeastern U.S. markets. Prior to the invest in, the fund’s portfolio had encompassed 450,000 sq. toes of health care workplace room throughout Tennessee and Virginia.

The acquisition arrived on the heels of a major monetary move by AW. In early March, the organization recapitalized a 19-building, 525,759-square-foot medical workplace portfolio in Florida by means of a $193 million joint undertaking equity elevate with an undisclosed nationwide institutional trader. The portfolio was owned by AW Health-related Business Fund III.

A West Raleigh medical business residence

Developed in 1994, the campus is located on practically 7 acres at 2605 and 2709 Blue Ridge Road, across from the 665-bed UNC Rex Hospital. The home capabilities 21,316-square-foot floorplates and a parking ratio of 5 spaces for each 1,000 square ft. The new operator intends to spend important money to reposition the two medical buildings anchored by UNC REX Health care.

Blue Ridge Middle is some 6 miles northwest of downtown Raleigh, north of Interstate 40. The West Raleigh house is surrounded by a lot of other clinical office environment structures the submarket has far more than 1.2 million sq. toes of health care business office in its inventory, with one particular-3rd of the properties positioned on Blue Ridge Street, according to CommercialEdge.

The exact same facts provider demonstrates the campus was the very first medical business asset to sell in West Raleigh and the next to modify palms in Raleigh-Durham due to the fact the starting of the 12 months. The metro’s initially professional medical workplace sale closed in early February, when LaSalle Financial investment Administration compensated $37 million for the 41,035-sq.-foot Duke Health-related Plaza in Durham, N.C.