JLL Income Property Trust, an institutionally-managed, non-listed, daily valued perpetual life REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), purchased 140 Park Avenue, a newly constructed medical office building in Florham Park, NJ for approximately $45.6 million.
140 Park Avenue is a four-story, 100,000-square-foot medical office building situated on 6.6 acres in The Green at Florham Park, a 268-acre master planned mixed-use office park. The property is leased for fifteen years through 2030 to Summit Medical Group. The triple-net lease to Summit Medical Group is for fifteen years and provides for ten percent rent increases every five years.
“This investment is a clear demonstration of LaSalle’s research and strategy group’s recommended medical office investment strategy,” commented Allan Swaringen, president and chief executive officer of JLL Income Property Trust. “140 Park Avenue is a purpose-built, mission critical MOB, long-term leased to a dominant and well-established regional healthcare provider.”
Summit Medical Group is the largest multi-specialty practice group in New Jersey with more than 2,000 employees, including over 500 medical professionals. The building was constructed specifically for their multi-specialty medical use and contains an urgent care center, imaging center, patient labs and ambulatory surgery center.
Medical services offered in the building include orthopedics, internal medicine, ENT, oncology, cardiology, gastroenterology, sports medicine, and physical therapy along with general and specialized surgery. The fourth floor ambulatory surgery center has eight operating rooms, other procedure rooms and recovery stations equipped for up to 23-hour patient stays. With convenient access to I-24 in Morris County, NJ, the building’s location is also in close proximity to multiple local area regional hospitals.
Earlier this month, The DI Wire reported that a JLL Income Property Trust joint venture closed on a $1.3 billion New York City retail portfolio.
JLL Income Property Trust owns and manages a diversified portfolio of high quality, income-producing office, retail, industrial and apartment properties located primarily in the United States, and expects to further diversify its real estate portfolio over time, including on a global basis.