JLL Income Property Trust Buys Reno Medical Office Property
Jones Lang LaSalle Income Property Trust, a daily net asset value real estate investment trust, has purchased South Reno Medical Center in Nevada.
Jones Lang LaSalle Income Property Trust, a daily net asset value real estate investment trust, has purchased South Reno Medical Center for $14.6 million.
South Reno Medical Center, a 32,000-square foot medical office property in Reno, Nevada, is 100 percent leased to two local orthopedic groups and has a weighted average lease term of just under 10 years.
“South Reno Medical Center is an excellent addition to our rapidly growing healthcare portfolio, which now includes 12 properties in 10 markets around the country, and is valued at over $450 million,” said Allan Swaringen, president and chief executive officer.
“Healthcare properties remain a key focus due to the positive long-term sector trends and are an overweight target for our portfolio, especially those with positive demographic trends such as population growth and above average household income, along with access to a highly educated workforce and proximity to leading national and regional hospital systems,” he added.
Redeveloped in 2016, South Reno Medical Center is located in the South Reno submarket and is 2.4 miles from the new Sierra Nevada Medical Center, slated to open in early 2022, and one mile from Renown South Meadows Medical Center, the area’s health system with a market share of 65 percent. According to LaSalle Research & Strategy, Reno’s population has grown by more than 18 percent since 2010.
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.
