JLL Income Property Trust Acquires Chicago Area Medical Outpatient Facility for $16.3M
JLL Income Property Trust, a daily net asset value, non-listed real estate investment trust with approximately $6.6 billion in portfolio equity and debt investments, has acquired Naperville Medical Center for a purchase price of approximately $16.3 million. The medical center is a newly converted single story medical outpatient building in the Chicago suburb of Naperville, Ill.
It totals 39,500 square feet and is 100% occupied by a single tenant, one of the largest nonprofit health systems across the Midwest and Southeastern United States. Converted to a medical outpatient facility in 2020, the property provides medical services including general surgery, primary care, physical therapy, cardiology, and more.
The lease has a 10-year term with annual rent escalations of 2%.
“Naperville Medical Center is located in an affluent region of a thriving medical outpatient submarket, making it an extremely attractive investment for us,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust. “With strong fundamentals and growing demand in the healthcare sector due to an aging population, this opportunity aligns perfectly with our strategy of acquiring high-quality medical outpatient properties in target markets.”
The Chicago suburb of Naperville has both median household incomes and median home values well above their respective national averages. The Chicago market, with a population of 9 million, is also the third largest medical outpatient market behind New York and Los Angeles. The property is conveniently located between a historically retail-centric area and a dense, high-income residential area of this submarket, with access to multiple heavily traveled thoroughfares.
Healthcare real estate is one of JLL Income Property Trust’s high conviction property sectors. As of Feb. 28, 2025, healthcare investments comprised 10% of the total $6.6 billion portfolio, with $605 million in healthcare assets across 23 properties.
“After our recent dispositions in the fourth quarter of 2024 and a $100 million investment by our sponsor JLL, we have significant dry powder to make new investments at attractive returns. We are well-positioned to take advantage of more opportunities like this one in 2025. As market pricing adjusts following the aftermath of recent Fed interest rate cuts, we are optimistic that the real estate market is entering the dawn of a new cycle,” added Swaringen.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors 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.
Last month, JLL Income Property Trust announced the acquisition of the Richmond Distribution Center, a Class A industrial building located in Richmond, Va., for a purchase price of approximately $40.7 million.
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