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Deals & Dealmakers

JLL Income Property Trust Acquires Kansas City Medical Office Portfolio

JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAXZIPTMXZIPIAXZIPIMX) with more than $5.9 billion in portfolio assets today announced the acquisition of Kansas City Medical Office Portfolio, a more-than 50,000-square-foot, three-property medical office building portfolio with properties in and around Kansas City, Missouri. The purchase price was approximately $22.2 million.

“We’ve continued to focus on expanding our national medical office portfolio as we target healthcare-oriented properties in the office sector to take advantage of positive, long-term market trends that should continue to produce stable cashflow for our shareholders,” said JLL Income Property Trust President and CEO Allan Swaringen. “Kansas City Medical Office Portfolio is another great example of a top-of-the-line asset in a location with positive demographic trends and strong tenancy that we believe positions our portfolio well for the coming years.”

In aggregate, the three properties are 100 percent leased to a diverse tenant roster of leading health systems and physicians groups. The portfolio has a weighted average lease term of just under 15 years, providing long-term cashflow. All of the properties are strategically located throughout Kansas City, drawing patients from throughout the metro area.

The portfolio includes three properties:

–        Roeland Park: a nearly 30,000-square-foot medical office building constructed in 2021. The property’s largest tenant is AdventHealth Shawnee Mission, a subsidiary of AdventHealth, an investment-grade rated not-for-profit health system.

–        Northland Women’s Healthcare: a 10,000-square-foot medical office building constructed in 2021 and fully leased to one of Kansas City’s most established women’s healthcare providers.

–        Blue Springs Pediatrics: a 10,500-square-foot medical office building fully redeveloped in 2021 as a best-in-class single-tenant property leased to a leading physician group that is subsidiary of Children’s Mercy, an investment-grade rated, not-for-profit health system.

This acquisition increases JLL Income Property Trust’s healthcare allocation to 12 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.

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