JLL Income Property Trust, an institutionally managed, daily NAV REIT (NASDAQ: ZIPTAX), has acquired West Boston Medical Center, a medical outpatient complex located in the Greater Boston suburb of Watertown, Massachusetts, for approximately $32 million.
The property totals approximately 53,000 square feet and is 100% leased to a single tenant, with a newly executed 15-year lease with 2.8% average annual rent escalations. The complex offers a full range of clinical specialties including internal medicine, pediatrics, OB/GYN, pharmacy, radiology, physical therapy, and dermatology.
Healthcare real estate accounts for 10% of the JLL Income Property Trust $6.9 billion portfolio, with $647 million in assets across 25 healthcare properties.
“West Boston Medical Center is an attractive addition to our healthcare portfolio,” said Allan Swaringen, president and CEO of JLL Income Property Trust. “This submarket is driven by consistent demand and impressive tenant rosters, emanating from Boston’s academic center and status as a globally significant region for life sciences and technology. We have been witnessing a growing transition in healthcare delivery, favoring outpatient facilities over traditional hospital settings. The combination of demand drivers and a more favorable transaction environment has created what we believe is an attractive opportunity for the sector, and this acquisition aligns perfectly with our strategy of acquiring high-quality medical outpatient properties in target markets.”
Photo via LoopNet
