JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with portfolio assets of more than $5.9 billion, portfolio of three medical office buildings with properties in and around Kansas City, Missouri. The purchase price was approximately $22.2 million.
“We remain focused on expanding our portfolio of national medical practices while targeting healthcare-focused properties in the office sector to capitalize on positive, long-term market trends that should continue to deliver stable cash flows for our shareholders,” said JLL Allan Swaringen, President and CEO of the Income Property Trust. “The Kansas City Medical Office portfolio is another great example of a prime property in a location with positive demographic trends and strong tenancies that we believe will position our portfolio well for years to come.”
Overall, the three properties are 100 percent leased to a diverse list of tenants from leading healthcare systems and physician groups. The portfolio has a weighted average lease term of almost 15 years and provides long-term cash flow. All properties are strategically located throughout Kansas City and attract patients from across the greater metropolitan 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 not-for-profit healthcare system.
– Northland Women’s Health: 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 completely redeveloped in 2021 as a prime single tenant property, leased to a leading medical group, which is a subsidiary of Children’s Mercy, an investment grade not-for-profit healthcare system.
This acquisition increases JLL Income Property Trust’s healthcare allocation to 12 properties totaling more than 1.1 million square feet, valued at over $450 million and representing approximately 8 percent of its total portfolio.
JLL Income Property Trust is an institutionally managed, daily NAV REIT offering 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 companies.
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