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JLL Income Property Trust Acquires $37M Duke Medical Plaza in Durham
JLL Income Property Trust has acquired Duke Medical Plaza, a nearly 60,000-square-foot medical office building in Durham, NC. The purchase price was approximately $37 million.
Occupying more than 86% of the property, Duke University Health System, an affiliate of Duke University, is the anchor tenant of the four-story property. The health system recently agreed to a lease extension and expansion that will increase the property’s occupancy to 96% with a weighted average lease term of more than nine years.
Constructed in 2010, Duke Medical Plaza is in the Research Triangle submarket, near both Duke Health and UNC Health and accessible to a highly educated workforce. The property is part of a mixed-use center with a hotel and three forthcoming multifamilies.
This acquisition increases JLL Income Property Trust’s healthcare allocation to 15 properties totaling more than 1.1 million square feet, valued in excess of $450 million and representing approximately 8% of its overall portfolio.
- ◦Sale/Acquisition
