JLL Income Property Trust Lifts Healthcare Allocation to 10% With $19 Million Buy

JLL Income Property Trust acquired Roseville Outpatient Center, a roughly 42,000-square-foot medical outpatient building outside Sacramento, Calif., for approximately $19 million, the nontraded real estate investment trust said Monday. The purchase lifts the REIT’s healthcare allocation to 10% of its $7 billion portfolio.

The Class A, single-story building sits in Roseville, a Sacramento-area suburb the REIT describes as affluent, half a mile from a larger hospital campus. It is 95% leased to a mix of tenants anchored by a large integrated healthcare provider, with a weighted average lease term of about 12 years, the REIT said. The property was fully redeveloped in 2024 with buildouts tailored to specialized medical uses.

“An aging, growing patient base is driving healthcare spending, and technology shifts are bringing more affordable care to outpatient facilities,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust. He said scarce available space and high buildout costs in the submarket point to long-term tenant demand for purpose-built medical facilities like Roseville Outpatient Center.

AltsWire previously reported on JLL Income Property Trust’s December 2025 acquisition of 3000 University Center Drive, a Tampa, Fla., building leased to a National Cancer Institute-designated cancer center, for $21 million. That deal pushed the REIT’s healthcare portfolio to $626 million across 24 properties, or 9% of its total portfolio at the time. With the Roseville acquisition, healthcare holdings have grown to $667 million across 26  properties, a $41 million increase in nine months.

The acquisition also continues a run of deals JLL Income Property Trust has made across its target property types this year. In August, the REIT bought Midtown Village, a roughly 345,000-square-foot open-air shopping center in Tuscaloosa, Ala., for about $94 million, citing the property’s proximity to the University of Alabama and a weighted average lease term exceeding 16 years. In April, the REIT purchased Whitestown Distribution Center III, a roughly 605,000-square-foot single-tenant industrial building in the Indianapolis suburb of Whitestown, Ind., for about $60 million, with Swaringen citing stable industrial fundamentals through recent valuation corrections.

JLL Income Property Trust is sponsored by LaSalle Investment Management.

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