CHICAGO, Feb. 3, 2022 /PRNewswire/ -- JLL Income Property
Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX;
ZIPTMX; ZIPIAX; ZIPIMX) with more than $5.9
billion in portfolio assets today announced the acquisition
of Duke Medical Plaza, a nearly 60,000-square-foot, world-class,
medical office building in Durham, North
Carolina. The purchase price was approximately $37 million.
Occupying more than 86 percent of the property, Duke University Health System, an affiliate of
Duke University, is the anchor tenant
of the four-story property. The health system recently agreed to a
lease extension and expansion that will increase the property's
occupancy to 96 percent with a weighted average lease term of more
than nine years. Duke Health, the umbrella organization for the
broad activities of the Duke University
healthcare affiliates that occupy the property, is the state's
dominant academic healthcare provider, with 31 percent of local
market share, and is ranked as the best hospital in North Carolina.
"We're thrilled to add Duke Medical Plaza to our growing
healthcare portfolio, as we continue to make healthcare-focused
properties our priority focus within the office sector," said JLL
Income Property Trust President and CEO Allan Swaringen. "This well-located property,
occupied by a world class tenant, fits squarely into our strategy
of acquiring medical office buildings with these traits. This
acquisition further diversifies our portfolio across our targeted
property sectors that align with our Research & Strategy team's
recommended overweights."
Constructed in 2010, Duke Medical Plaza is strategically located
at the intersection of Interstate 40 and US 15-501 in the
sought-after Research Triangle submarket, making it a close drive
to large health systems including Duke Health and UNC Health in
both Chapel Hill and Durham, respectively. This location provides
easy access for patients and access to a highly educated workforce.
Additionally, the property is in the middle of a large mixed-use
center that includes a hotel and three forthcoming apartment
communities.
This acquisition increases JLL Income Property Trust's
healthcare allocation to 15 properties totaling more than 1.1
million square feet, valued in excess of $450 million and representing approximately 8
percent of its overall portfolio
JLL Income Property Trust is an institutionally managed, daily
NAV REIT that brings to investors 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 Jones Lang LaSalle Income Property Trust,
Inc. (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, office and
grocery-anchored retail 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.
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