JLL Income Property Trust Buys Kansas City Medical Office Portfolio
Jones Lang LaSalle Income Property Trust, a daily net asset value real estate investment trust, has purchased the Kansas City Medical Office Portfolio.
Jones Lang LaSalle Income Property Trust, a daily net asset value real estate investment trust, has purchased the Kansas City Medical Office Portfolio, a more than 50,000-square-foot, three-property medical office building portfolio with properties in and around Kansas City, Missouri. The purchase price was approximately $22.2 million.
The three properties are 100 percent leased to a tenant roster of health systems and physicians groups, and the portfolio has a weighted average lease term of just under 15 years.
“We’ve continued to focus on expanding our national medical office portfolio as we target healthcare-oriented properties in the office sector to take advantage of positive, long-term market trends that should continue to produce stable cashflow for our shareholders,” said Allan Swaringen, president and chief executive officer. “Kansas City Medical Office Portfolio is another great example of a top-of-the-line asset in a location with positive demographic trends and strong tenancy that we believe positions our portfolio well for the coming years.”
The three properties in the portfolio include:
Roeland Park is a nearly 30,000-square-foot medical office building constructed in 2021, and the property’s largest tenant is AdventHealth Shawnee Mission, a subsidiary of AdventHealth, a not-for-profit health system.
Northland Women’s Healthcare is a 10,000-square-foot medical office building constructed in 2021 and fully leased to a women’s healthcare provider.
Blue Springs Pediatrics is a 10,500-square-foot medical office building fully redeveloped in 2021 as a best-in-class single-tenant property leased to a leading physician group that is subsidiary of Children’s Mercy, a not-for-profit health system.
This acquisition increases JLL Income Property Trust’s healthcare allocation to 12 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 nearly $2.7 billion in investor equity as of January 2022.
