JLL Income Property Trust Buys Duke Medical Plaza in Durham, North Carolina
JLL Income Property Trust, a daily net asset value real estate investment trust, has purchased Duke Medical Plaza in Durham, North Carolina.
JLL Income Property Trust, a daily net asset value real estate investment trust, has purchased Duke Medical Plaza, a nearly 60,000-square-foot medical office building in Durham, North Carolina. The purchase price was approximately $37 million.
Occupying more than 86 percent of the property, Duke University Health System, an affiliate of Duke University, is the anchor tenant of the four-story property. The health system recently agreed to a lease extension and expansion that will increase the property’s occupancy to 96 percent with a weighted average lease term of more than nine years.
Duke Health is the state’s dominant academic healthcare provider, with 31 percent of local market share, and is ranked as the best hospital in North Carolina, JLL said.
“We’re thrilled to add Duke Medical Plaza to our growing healthcare portfolio, as we continue to make healthcare-focused properties our priority focus within the office sector,” said Allan Swaringen, president and chief executive officer. “This well-located property, occupied by a world class tenant, fits squarely into our strategy of acquiring medical office buildings with these traits…”
Constructed in 2010, Duke Medical Plaza is located in the Research Triangle submarket, within close proximity to large health systems including Duke Health and UNC Health in both Chapel Hill and Durham, respectively. Additionally, the property is in the middle of a mixed-use center that includes a hotel and three forthcoming apartment communities.
The acquisition increases JLL Income Property Trust’s healthcare allocation to 15 properties totaling more than 1.1 million square feet, valued in excess of $450 million and representing approximately 8 percent of its overall portfolio.
Jones Lang LaSalle Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) oversees a $5.9 billion portfolio of residential, industrial, office and grocery-anchored retail properties. The REIT launched in October 2012 and has raised $2.5 billion in investor equity as of October 2021.
