JLL Income Property Trust Acquires San Juan Medical Center
JLL Income Property Trust, an institutionally-managed, non-listed, daily valued perpetual life REIT (NASDAQ: ZIPTAX) (NASDAQ: ZIPTMX) (NASDAQ: ZIPIAX) (NASDAQ: ZIPIMX), recently acquired San Juan Medical Center, a newly constructed, 40,000 square foot medical office building in the affluent community of San Juan Capistrano, California. The property is leased to a high quality tenant roster that includes MemorialCare Medical Foundation (MMF) and Fresenius Dialysis. The purchase price was approximately $27 million or $671 per square foot. San Juan Medical Center is a two-story MOB situated on 4.8 acres in Orange County with immediate access to I-5 and excellent visibility to over 500,000 vehicles a day. The property is fully leased with a weighted average lease term of over 13 years and annual contractual rent increases in excess of 2.75%. The property was developed by Accretive Realty Advisors and opened in 2015.