JLL Income Property Trust Acquires $32M West Boston Medical Center
JLL Income Property Trust, a daily net asset value, perpetual life real estate investment trust managed by LaSalle Investment Management and sponsored by Jones Lang LaSalle (NYSE: JLL), acquired West Boston Medical Center, a medical outpatient complex located in the Greater Boston suburb of Watertown, Mass., for a purchase price of approximately $32 million.
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 featuring average annual rent escalations of 2.8%.
“West Boston Medical Center is an attractive addition to our healthcare portfolio,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust. “This submarket is driven by consistent demand and impressive tenant rosters, emanating from Boston’s academic center and status as a globally significant region for life sciences and technology.
The complex offers a full range of clinical specialties including internal medicine, pediatrics, OB/GYN, pharmacy, radiology, physical therapy, and dermatology. It is located within a highly trafficked mixed-use development encompassing over 1 million square feet of newly built amenities for staff and patients including retail, multifamily, hotel, and life science space.
According to the company, the property is located one mile from Cambridge and six miles from Boston’s Longwood Medical Area, ensuring direct access to numerous hospital partners. The Greater Boston region boasts strong demographics within a three-mile radius of the site, with a population of 332,000 and median household income of $120,000.
“We have been witnessing a growing transition in healthcare delivery, favoring outpatient facilities over traditional hospital settings. 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,” added Swaringen.
Healthcare real estate has been a mainstay in the JLL Income Property Trust portfolio since its inception in 2012. As of Dec. 31, 2025, healthcare investments comprised 10% of the total $6.9 billion portfolio, with $647 million in assets across 25 healthcare properties.
Last month, the REIT sold Kingston at McLean Crossing, a 319-unit apartment community located in the suburb of McLean, Va., approximately 20 minutes northwest of Washington, D.C. The buyer was multifamily owner-operator Pantzer Properties, which subsequently rebranded the property as The Point at McLean. The property was 96% occupied at the time of sale.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that owns and manages a diversified portfolio of residential, industrial, grocery-anchored retail, healthcare, office, and debt investments throughout the nation.
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