JLL Income Property Trust (JLL IPT) has acquired West Boston Medical Center, a medical outpatient complex located at 485 Arsenal St. in the Greater Boston suburb of Watertown, MA, for approximately $32 million. The seller was not disclosed.
The property totals approximately 53,000 square feet and is 100% leased to a single tenant, a leading regional healthcare provider, with a newly executed 15-year lease with 2.8% average annual rent escalations. It is located within a highly trafficked mixed-use development encompassing more than one million square feet of newly built amenities for staff and patients.
“West Boston Medical Center is an attractive addition to our healthcare portfolio,” said Allan Swaringen, president and CEO of JLL IPT. “The combination of demand drivers and a more favorable transaction environment has created what we believe is an attractive opportunity for the sector, and this acquisition aligns perfectly with our strategy of acquiring high-quality medical outpatient properties in target markets.”
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