JLL Income Property Trust Buys Flagstaff Medical Center

Flagstaff Medical Center is fully leased to a leading healthcare provider in the Northern Arizona area. The tenant has committed to a 15-year lease. The newly built property, at 1840 North Jasper Drive, includes a surgery and imaging center and a full array of diagnostics, such as an MRI, CT, ultrasound and X-Ray machines.

The 26,400 square-foot property was acquired by the trust for $17.2 million. JLL’s Allan Swaringen says there’s a new trend in investing in medical facilities, “The shift is towards outpatient, stand alone surgery centers as an alternative to traditional hospital settings, combined with the continued aging of our population positions health-care oriented real estate as an attractive addition to our stable value, income-oriented portfolio.”

JLL Income Property Trust is an institutionally managed, daily NAV REIT.