Home Alts News JLL Income Property Trust Buys Medical Office-Anchored Retail Center in North Carolina

JLL Income Property Trust Buys Medical Office-Anchored Retail Center in North Carolina

Jones Lang LaSalle Income Property Trust, a daily net asset value real estate investment trust, has purchased Patterson Place a 25,000-square-foot medical office-anchored retail center in Durham, North Carolina.

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Jones Lang LaSalle Income Property Trust, a daily net asset value real estate investment trust, has purchased Patterson Place a 25,000-square-foot medical office-anchored retail center in Durham, North Carolina, for approximately $14.5 million. The property is anchored by Duke Medical Plaza, which was recently purchased by JLL Income Property Trust.

Constructed in phases between 2010 and 2015, Patterson Place tenants include national retailers such as Five Guys, AT&T and Moe’s. The weighted average lease term is greater than five years.

“Patterson Place is a well-located, medical office-anchored retail center that we believe benefits from strong foot traffic generated by the recently acquired Duke Medical Plaza along with a strong tenant roster and a prime location at the intersection of two major thoroughfares that connect dense population centers,” said Allan Swaringen, president and CEO. “We have conviction in the Raleigh market and believe the outlook for retail with a strong anchor tenant looks positive as pandemic restrictions ease and consumer spending remains elevated…”

According to LaSalle Research & Strategy, Raleigh’s in-migrations is expected to outpace the US rate with a high-concentration of prime-age workers over the next 10 years. Within a one-mile radius of the property annual population growth is projected to grow twice as fast as the US average, which should drive continued consumer demand.

The REIT noted that the property’s location off of Interstate 40 puts it at the center of a key regional connector between Durham, Research Triangle Park and Raleigh, making it accessible to Duke University and University of North Carolina, both of which are a 10-minute drive.

JLL Income Property Trust’s retail allocation is 14 properties in 13 markets valued at $789 million and representing approximately 13 percent of its overall portfolio.

Jones Lang LaSalle Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) oversees a $6.7 billion portfolio of residential, industrial, office and grocery-anchored retail properties. Since the beginning of 2012, the REIT raised a total of approximately $4.1 million through its ongoing public and various private offerings, as well as its distribution reinvestment plan.

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