INVESTMENTS

JLL Income Property Trust Acquires Newly Constructed North Tampa Surgery Center

JLL Income Property Trust | December 15, 2021

JLL_Income_Property
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $5.5 billion in portfolio assets, today announced the acquisition of North Tampa Surgery Center, a 13,000-square-foot, newly constructed medical office building in Odessa, Florida. The property is 100 percent leased on a long-term basis to Comprehensive Outpatient Joint and Spine Institute Center. The purchase price was approximately $8.5 million.

"Within the office sector, our priority investments are healthcare-oriented, focusing on medical office and life science properties, In an uncertain environment for traditional multi-tenant office properties, these two healthcare-oriented sectors stand out for their lower vacancy rates, healthy net absorption and balanced new supply due to significant barriers to entry. These factors also lead to higher tenant retention, even during periods of weakness within traditional office market environments."

-Allan Swaringen, President and CEO of JLL Income Property Trust.

This acquisition increases JLL Income Property Trust's healthcare allocation to nine properties totaling more than 925,000 square feet, valued close to $360 million and representing approximately 7 percent of its overall portfolio.

Swaringen added: "The shift towards outpatient, standalone surgery centers as an alternative to undergoing procedures in traditional hospital settings combined with the continued aging of our population positions medical office buildings as attractive portfolio additions to our stable value, income-oriented portfolio. It also positions the portfolio well to capture current and future demand, ultimately resulting in what we anticipate to be stable occupancy and long term cashflow."

The build-to-suit property, newly constructed this year, comprises three surgery centers and new and innovative technology. The lease term is for 20 years and provides for an average of 2 percent annual rent increases. Located in the northern suburbs of Tampa, Odessa is a low-density but quickly growing community that is within 10 miles of nine hospitals, creating a strong base of potential referrals for North Tampa Surgery Center. LaSalle's Research & Strategy team forecasts the area should continue to see strong population growth and increased healthcare spending.

JLL Income Property Trust is an institutionally managed, daily NAV REIT that gives investors access to 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 (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, 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 $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.

Spotlight

As occupiers continue to navigate the return to office and plan for the future, many are leveraging real-time data to facilitate decision-making.

Watch the video below to learn how Knight Frank Cresa can help you develop a resilient real estate strategy.


Other News
REAL ESTATE INVESTMENT,REAL ESTATE ADVICE

The REMM Group Real Estate Management Company of Orange County is National Top 10 Best Places to Work Multifamily®

The REMM Group | December 21, 2022

For the third year in a row The REMM Group has won a top 10 nationwide ranking on the Best Places to Work Multifamily® list. The REMM Group was awarded the honor at the Multifamily Innovation® Summit Scottsdale, AZ. Winners are selected after rigorous research and interviews conducted by Multifamily Leadership. The multifamily industry contributes $3.4 trillion dollars to the economy annually, supporting more than 17.5 million jobs. Talent recruitment for those jobs is competitive. The Best Places to Work Multifamily ranking helps job seekers choose companies that prioritize employee satisfaction. The REMM Group is a 3rd party management company, providing full service multifamily and commercial management for real estate owners in Southern California. "We are honored that Multifamily Leadership ranked us in the top ten Best Places to Work Multifamily Nationally for the third year in a row. Great people make all the difference in property management. Building a team of engaged, caring and skilled employees takes more than just providing a good paycheck. The in-depth interviews and research done as part of this award process helps us evaluate our culture, innovations, and policies to make sure they are hitting the mark with our team members." -Sara D'Elia, CEO of The REMM Group The REMM Group's Vice President of Marketing and Technology, Windell Mollenido, added, The REMM Group is on The Best Places to Work Multifamily list year after year because we constantly look for ways to improve. The reports show us what support our team members find most relevant and where we might need to make changes. In our constantly evolving industry, we need to stay vigilant to what matters today for our employees, this data helps us do that. Our vibrant and supportive culture allows us to recruit the best talent, Those caring team members make sure the residents and owners of the communities we manage are happy and thriving. That simple formula is a key to our success,said D'Elia. The REMM Group has over 5,000 apartments under management. They are an IREM Accredited Real Estate Management Organization (AMO) providing lease-up and property management for multifamily, mixed-use, office, industrial, retail, and BTR properties in Southern California.

Read More

Spotlight

As occupiers continue to navigate the return to office and plan for the future, many are leveraging real-time data to facilitate decision-making.

Watch the video below to learn how Knight Frank Cresa can help you develop a resilient real estate strategy.

Resources