US real estate investment trust JLL Income Property Trust has added a newly converted 39,500sqft medical outpatient building in Illinois to its portfolio.
The open-ended $6.6bn (€6bn) trust said it has acquired the Naperville Medical Center, located in Naperville, Illinois, for $16.3m, with a 10-year lease in place.
Allan Swaringen, president and CEO of JLL Income Property Trust, said: “Naperville Medical Center is located in an affluent region of a thriving medical outpatient submarket, making it an extremely attractive investment for us. With strong fundamentals and growing demand in the healthcare sector due to an ageing population, this opportunity aligns perfectly with our strategy of acquiring high-quality medical outpatient properties in target markets.
“After our recent dispositions in the fourth quarter of 2024 and a $100m investment by our sponsor JLL, we have significant dry powder to make new investments at attractive returns. We are well-positioned to take advantage of more opportunities like this one in 2025.
“As market pricing adjusts following the aftermath of recent Fed [US Federal Reserve] interest rate cuts, we are optimistic that the real estate market is entering the dawn of a new cycle.”
As of 28 February 2025, the trust held $605m in healthcare assets across 23 properties, representing 10% of its total portfolio.
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