JLL completes $30.3M sale of office building in Sioux Falls
Occupied by Sanford Health, South Dakota’s largest employer
PHOENIX, March 11, 2020 – JLL Capital Markets announced today that it has closed the $30.3 million sale of Sanford Health’s Corporate Administration Facility, a 158,000-square-foot, two-building office property in Sioux Falls, South Dakota.
JLL marketed the property on behalf of the seller.
The property was completed in two phases in 1999 and 2000 and is fully leased to Sanford Health, one of the largest healthcare systems in the United States and South Dakota’s largest employer. The two-building complex serves as a mission critical facility housing Sanford’s payroll functions, patient financial services and corporate human resources for the 48,000-employee corporation. Positioned on 24.99 acres at 2200 East Benson Road, the facility is proximate to Interstates 229 and 90 and just four blocks from Sanford’s world headquarters.
The JLL Capital Markets team representing the seller was led by Senior Directors Tivon Moffitt and Peter Bauman. Brett Behrends with Century21 provided co-brokerage services.
“Long-term, single tenant office properties continue to be in high demand. Especially, this late in the economic cycle,” Bauman said. “Investors are flocking to safety, standing on the pillars of credit tenants, long-term leases, rents to market, and tenant’s prominence in their industry vertical. This strategy limits investor risk in the event there is an economic slowdown in the near-term horizon.”
“We were pleased to sell this asset as it was on a long-term lease with a strong investment grade tenant,” Moffitt added. “Sanford Health is a dominant industry leader in the health care sector. The investor demand was strong with multiple offers.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.