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JLL IPT Pays $52M for Richmond Build-to-Suit MOB
JLL Income Property Trust said Thursday it had acquired 9101 Stony Point Dr., an 87,000-square-foot medical office building in Richmond, VA, for approximately $52 million. The seller wasn’t disclosed. The recently constructed property is net-leased on a long-term basis as an outpatient facility and headquarters for Virginia Urology.
“Healthcare-focused properties including medical office and life sciences continue to be our narrow focus within the office sector,” said Allan Swaringen, president and CEO of JLL IPT. “Limited new supply, exceptional occupancy along with significant barriers to entry due to higher construction and tenant improvement costs often lead to longer tenant retention, creating a stable investment opportunity.”
Constructed in 2018 as a build-to-suit for Virginia Urology, the property includes an ambulatory surgery center, imaging center, infusion center and lab space. The property has a weighted average lease term of more than 13 years with built in 2.5% annual rent escalations.
- ◦Sale/Acquisition
