Midwest core medical office building portfolio totaling 439,000 square feet trades

BOSTON, November 9, 2020 – JLL Capital Markets announced today that it has completed the sale of a core medical office (MOB) portfolio totaling 439,000 square feet across seven properties, primarily located on hospital campuses in top metro areas in Indiana, Illinois and Missouri.

JLL represented the seller, and procured the buyer, Healthpeak Properties, Inc.

The properties are strategically aligned with the Midwest’s top integrated healthcare systems, including Ascension, Franciscan, AMITA and University of Missouri Health. The Class A portfolio is 93% occupied, including 75% direct health system occupancy, offering stability of income at critical campus locations that have been institutionally owned and operated for many years. The buildings, which average approximately 62,000 square feet, are a blend of single and multi-tenancy and feature surgery centers, cancer treatment centers and advanced diagnostic imaging. The properties are located in Indianapolis, Mooresville and Zionsville, Indiana as well as Bolingbrook, Illinois and Columbia, Missouri.

The JLL Healthcare Capital Markets team representing the seller was led by Senior Managing Directors Mindy Berman and Daniel Turley, Managing Director Tim Joyce and Senior Director Brannan Knott.

“Medical office investments have been highly favored for the past several years and throughout the pandemic due to their defensive investment qualities – long-term leases, stable occupancy and income, strong tenant credit quality and high tenant retention,” added Berman. “With many investors activating their dry powder, we anticipate this sector will remain strong through 2020 and well into a post-COVID environment.”  

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 sales 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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