Dealmaker: JLL Income Property Trust Acquires Nevada Medical Office Building
JLL Income Property Trust, Chicago, acquired South Reno Medical Center, a 32,000-square-foot medical office property in Reno, Nev., for $14.6 million.
Allan Swaringen, JLL Income Property Trust President and CEO, said healthcare properties remain a key focus for the institutionally managed real estate investment trust due to positive long-term sector trends. “[Healthcare properties] 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 said.
JLL Income Property Trust’s healthcare portfolio now includes 12 properties in 10 markets valued at more than $450 million.
Redeveloped in 2016, South Reno Medical Center is 2.4 miles from the new Sierra Nevada Medical Center and one mile from Renown South Meadows Medical Center, the area’s leading health system with a 65 percent market share. The property is 100 percent leased to two orthopedic groups with a nearly 10-year weighted-average lease term.
Reno’s population has grown more than 18 percent since 2010.