JLL Income Property Trust, an institutionally managed daily NAV REIT with more than $6.3 billion in portfolio assets today announced the acquisition of the Sugar Land Medical Plaza, a newly constructed, Class A, 37,000-foot medical office property located in the affluent Houston suburb of Sugar Land, Texas. The purchase price was approximately $18.4 million.
“Healthcare-oriented properties continue to be our focus within the office sector given the favorable underlying fundamentals driving long-term tenant demand,” said JLL Income Property Trust President and CEO Allan Swaringen. “Sugar Land Medical Plaza fits squarely within our thesis of investing in well-located, state-of-the-art medical office buildings with specialty healthcare tenants that have long-term commitments to the property through their buildouts and leases. The shift towards outpatient, standalone surgery centers as an alternative to traditional hospital settings, combined with the continued aging of our population positions healthcare-oriented real estate as an attractive addition to our stable value, income-oriented portfolio.”
Houston ranks as the fourth largest city in the US along with one of the youngest, fastest growing populations with 2 percent annual population growth over the past ten years as compared to the national average of 0.8 percent. It is also home to the largest medical complex in the world, the Texas Medical Center. Sugar Land is 20 miles southwest of Houston and boasts five hospitals within a three-mile radius of Sugar Land Medical Plaza.
Completed in 2020, the two-story property is fully leased to a diversified roster of leading healthcare providers. The property includes a surgery and imaging center, and a full diagnostic suite including the newest MRI, CT, ultrasound and X-Ray machines. The weighted average lease term of the property is greater than nine years.
JLL Income Property Trust’s healthcare allocation is 15 properties totaling more than 1.1 million square feet, valued in excess of $462 million and representing 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 JLL Income Property Trust, Inc.,
Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing apartment, 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 $78 billion of assets in private and public real estate property and debt investments as of Q4 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.
LaSalle Investment Management
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Dukas Linden Public Relations
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