Thank you for sharing!

Your article was successfully shared with the contacts you provided.

JLL Income Property Trust, an institutionally managed daily NAV REIT, is targeting Southern California medical office product. The strategy is a late cycle play to reduce risk, deliver stable income streams and protect stockholder value. In addition, the investor is under allocated in office properties. The firm’s recent acquisition of the Genesee Plaza, a two-building class-A medical office property in San Diego, is a cornerstone example of the strategy. JLL Income Property Trust recently acquired it for $90 million.

“The San Diego medical office market has a very low overall vacancy rate at approximately 7%. Genesee Plaza’s UTC submarket vacancy rate, at ~6%, is lower than the overall market,” Allan Swaringen, president and CEO of JLL Income Property Trust, tells GlobeSt.com. “Vacancy rates should remain low going forward given Genesee’s proximity to four major hospitals, the UTC’s preferred status as a location for outpatient healthcare providers and the substantial barriers to entry in the submarket. The submarket area is also characterized by high household incomes and attractive age demographics for healthcare-focused businesses.”

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

More from this author


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.