JLL Income Property Trust Buys Medical Office Building in Florida
JLL Income Property Trust, a daily net asset value real estate investment trust, has purchased the North Tampa Surgery Center, a 13,000-square-foot medical office building in Odessa, Florida.
JLL Income Property Trust, a daily net asset value real estate investment trust, has purchased the North Tampa Surgery Center, a 13,000-square-foot medical office building in Odessa, Florida, for approximately $8.5 million.
Constructed earlier this year, the North Tampa Surgery Center is a build-to-suit property comprised of three surgery centers. The property is 100 percent leased to Comprehensive Outpatient Joint and Spine Institute Center for 20 years and includes an average of 2 percent annual rent increases.
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.
“Within the office sector, our priority investments are healthcare-oriented, focusing on medical office and life science properties,” said Allan Swaringen, president and chief executive officer. “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.”
Located in the northern suburbs of Tampa, Odessa is located within 10 miles of nine hospitals, creating a 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.
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…”
In other company news, JLL Income Property Trust recently purchased the Friendship Distribution Center, a four-building industrial portfolio located in the Atlanta suburb of Buford, Georgia, for $95 million.
Jones Lang LaSalle Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) oversees a $5.5 billion portfolio of residential, industrial, office and grocery-anchored retail properties. The REIT launched in October 2012 and has raised nearly $2.47 billion in investor equity as of October 2021.
