JLL Income Property Trust Acquires Medical Office Buildings in San Diego
July 3, 2019 | JLL Income Property Trust | Prnewswire.com
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) today announced the acquisition of Genesee Plaza, a Class A, two-building medical office campus in San Diego, California. The property was acquired below its estimated replacement cost for approximately $90 million.
The medical office sector has been identified as a defensive, low beta real estate investment strategy for late cycle investing by LaSalle Investment Management’s Research & Strategy group as they continually evaluate the latest macro and micro economic trends.
“The acquisition of Genesee Plaza is a strong fit for JLL Income Property Trust’s focus on medical office buildings as they have historically featured higher tenant retention and delivered stable income. Our focus on reducing risk within our portfolio as we get later in the current economic cycle stems from our investment objectives to deliver stable income and protect stockholder value,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “While we remain underweight to the office property sector which accounts for only 14% of our $2.8 billion portfolio, four of our six office properties are medical office buildings.”
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