January 19, 2016 — Chicago
JLL Income Property Trust, an institutionally-managed, non-listed, daily valued perpetual life REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), today announced it acquired 140 Park Avenue, a newly constructed 100,000 square foot medical office building located in Florham Park, NJ. The Property is leased for fifteen years through 2030 to Summit Medical Group. The purchase price was approximately $45.6 million.
140 Park Avenue is a four-story, state-of-the-art, fully leased medical office building situated on 6.6 acres in The Green at Florham Park, a 268-acre master planned mixed-use office park. The triple-net lease to Summit Medical Group is for fifteen years and provides for ten percent rent increases every five years. Other tenants at The Green include BASF’s North American headquarters and the New York Jets training and headquarters facility.
“This investment is a clear demonstration of LaSalle’s research and strategy group’s recommended medical office investment strategy,” commented Allan Swaringen, President and CEO of JLL Income Property Trust. “140 Park Avenue is a purpose-built, mission critical MOB, long-term leased to a dominant and well-established regional healthcare provider,” added Swaringen. “This property builds upon LaSalle’s fifteen year track record of identifying and executing opportunities in healthcare oriented real estate and further complements Income Property Trust’s stable-value and income oriented investment objectives.”
Summit Medical Group is the largest multi-specialty practice group in New Jersey with more than 2,000 employees, including over 500 medical professionals. The building was constructed specifically for their multi-specialty medical use and contains an urgent care center, imaging center, patient labs and ambulatory surgery center. Medical services offered in the building include orthopedics, internal medicine, ENT, oncology, cardiology, gastroenterology, sports medicine, and physical therapy along with general and specialized surgery. The fourth floor ambulatory surgery center has eight operating rooms, other procedure rooms and recovery stations equipped for up to 23 hour patient stays. With convenient access to I-24 in Morris County, NJ, the building’s location is also in close proximity to multiple local area regional hospitals.
JLL Income Property Trust is a non-listed, daily valued perpetual life real estate investment trust (REIT) that gives investors access to a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.
For more information on JLL Income Property Trust, please visit our website at www.jllipt.com.
Jones Lang LaSalle Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing apartment, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis.
LaSalle Investment Management, Inc., a member of the JLL group and advisor to JLL Income Property Trust, is one of the world’s leading real estate investment managers with approximately $82 billion equity and debt investments under management (as of Q2 2022). LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open and closed-end funds, public securities and entity-level investments. LaSalle is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Inc. (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
This press release may contain forward-looking statements with respect to JLL Income Property Trust. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management’s intentions, beliefs, expectations, research, market analysis, plans or predictions of the future. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Past performance is not indicative of future results and there can be no assurance that future dividends will be paid.
You should read the prospectus carefully for a description of the risks associated with an investment in JLL Income Property Trust. Some of these risks include but are not limited to the following:
This literature contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will,” and other similar terms, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks, uncertainties, and contingencies include, but are not limited to, the following: our ability to effectively raise capital in our offering; uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our investment strategy; and other risk factors as outlined in our prospectus and periodic reports filed with the Securities and Exchange Commission. Although JLLIPT believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. JLLIPT undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in our expectations.
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