Palm Beach Gardens-based AW Property Co. and a joint-venture partner bought nine medical offices buildings in South Florida from Tenet Healthcare Corp. for $47.1 million.
The purchase of 630,000 square feet, at almost $75 a square foot, was an all-cash deal and leaves no debt on the properties. All of the properties are near hospitals owned by Dallas-based Tenet.
AW Property made the deal through its joint venture with Dallas-based Behringer Harvard. The deal was in the works for three years, according to a press release from the buyers. They promised to spend $6 million on capital improvements in the first year.