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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 writer and editor living in Los Angeles whose work has appeared in such publications as Travel + Leisure, Angeleno and Los Angeles Magazine.

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