JLL Income Property Trust, a daily net asset value real estate investment trust, has purchased 5 & 47 National Way, two life sciences properties located in Durham, North Carolina, for approximately $67 million. The properties total approximately 375,000 square feet and are each 100 percent leased to life science tenants.
“Healthcare-focused properties, including life sciences, continue to be an area of focus for us as we look to capture the property type’s nearly unparalleled leasing demand and long-term value,” said Allan Swaringen, president and chief executive officer. “Limited new supply, exceptionally strong occupancy along with significant barriers to entry due to higher construction and tenant improvement costs made 5 & 47 National Way attractive investments.”
Both properties were constructed in 2020 and include a combined $180 million in improvements by both tenants including lab, clean and cold rooms, specialized sanitation stations, and specialized water and power upgrades.
The properties are located adjacent to Research Triangle Park, the largest scientific research park in the U.S. The weighted average lease term on the two properties is more than 14 years.
This acquisition increases JLL Income Property Trust’s healthcare allocation to eight properties totaling more than 910,000 square feet, valued at nearly $350 million and representing approximately 7 percent of its overall portfolio.
JLL Income Property Trust earlier this year purchased 170 Park Avenue, a life sciences property in Florham Park, New Jersey and recently acquired 9101 Stony Point Drive, a medical office property in Richmond, Virginia.
Jones Lang LaSalle Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) oversees a $5.1 billion portfolio of residential, industrial, office and grocery-anchored retail properties. The REIT launched in October 2012 and has raised more than $2.25 billion in investor equity as of July 2021.