CHICAGO, Dec. 14, 2021 /PRNewswire/ -- JLL Income
Property Trust, an institutionally managed daily NAV REIT (NASDAQ:
ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $5.5 billion in portfolio assets, today announced
the acquisition of North Tampa Surgery Center, a
13,000-square-foot, newly constructed medical office building in
Odessa, Florida. The property is
100 percent leased on a long-term basis to Comprehensive Outpatient
Joint and Spine Institute Center. The purchase price was
approximately $8.5 million.
"Within the office sector, our priority investments are
healthcare-oriented, focusing on medical office and life science
properties," said Allan Swaringen,
President and CEO of JLL Income Property Trust. "In an uncertain
environment for traditional multi-tenant office properties, these
two healthcare-oriented sectors stand out for their lower vacancy
rates, healthy net absorption and balanced new supply due to
significant barriers to entry. These factors also lead to higher
tenant retention, even during periods of weakness within
traditional office market environments."
This acquisition increases JLL Income Property Trust's
healthcare allocation to nine properties totaling more than 925,000
square feet, valued close to $360
million and representing approximately 7 percent of its
overall portfolio.
Swaringen added: "The shift towards outpatient, standalone
surgery centers as an alternative to undergoing procedures in
traditional hospital settings combined with the continued aging of
our population positions medical office buildings as attractive
portfolio additions to our stable value, income-oriented portfolio.
It also positions the portfolio well to capture current and future
demand, ultimately resulting in what we anticipate to be stable
occupancy and long term cashflow."
The build-to-suit property, newly constructed this year,
comprises three surgery centers and new and innovative technology.
The lease term is for 20 years and provides for an average of 2
percent annual rent increases. Located in the northern suburbs of
Tampa, Odessa is a low-density but quickly growing
community that is within 10 miles of nine hospitals, creating a
strong base of potential referrals for North Tampa Surgery Center.
LaSalle's Research & Strategy
team forecasts the area should continue to see strong population
growth and increased healthcare spending.
JLL Income Property Trust is an institutionally managed, daily
NAV REIT that gives investors access to a growing portfolio of
commercial real estate investments selected by an institutional
investment management team and sponsored by one of the world's
leading real estate services firms.
About JLL Income Property Trust (NASDAQ: ZIPTAX;
ZIPTMX; ZIPIAX; ZIPIMX),
Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT
that owns and manages a diversified portfolio of high quality,
income-producing residential, industrial, grocery-anchored retail,
healthcare and office properties located in the United States. JLL Income Property Trust
expects to further diversify its real estate portfolio over time,
including on a global basis. For more information, visit
www.jllipt.com.
About LaSalle Investment Management
LaSalle Investment
Management is one of the world's leading real estate investment
managers. On a global basis, LaSalle manages approximately $76 billion of assets in private and public real
estate property and debt investments as of Q3 2021. LaSalle's diverse client base includes public
and private pension funds, insurance companies, governments,
corporations, endowments and private individuals from across the
globe. LaSalle sponsors a complete
range of investment vehicles including separate accounts, open- and
closed-end funds, public securities and entity-level investments.
For more information please visit http://www.lasalle.com, and
LinkedIn.
Valuations, Forward Looking Statements and Future
Results
This press release may contain
forward-looking statements with respect to JLL Income Property
Trust. Forward-looking statements are statements that are not
descriptions of historical facts and include statements regarding
management's intentions, beliefs, expectations, research, market
analysis, plans or predictions of the future. Because such
statements include risks, uncertainties and contingencies, actual
results may differ materially from those expressed or implied by
such forward-looking statements. Past performance is not indicative
of future results and there can be no assurance that future
dividends will be paid.
Contacts:
Scott Sutton
LaSalle Investment Management
Telephone: +1 224 343 5538
Email: scott.sutton@lasalle.com
Doug Allen
Dukas Linden Public Relations
Telephone: +1 646 722 6530
Email: JLLIPT@DLPR.com
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SOURCE JLL Income Property Trust