Property Description

The Trust was formed to own 5 properties with focus on retail, office-industrial and medical office. The properties are located in AZ, GA, NC, NV and TX. The occupancy is 99.30% across 37 tenants. The major tenants making up almost 60% of the rent are: Mitsubishi Electric Trane HVAC, Private Diagnostic Clinic, Sprouts Farmers Markets and Hays & Fyda MD.

Silverstone Marketplace

Developed in 2015, Silverstone Marketplace is a class-A, grocery-anchored shopping center consisting of eight one-story buildings which contain approximately 15.29 acres of land, 77,721 net rentable square foot retail commercial space and 470 parking spaces. As of May 2, 2022, Silverstone Marketplace is approximately 100% leased to the end tenants, which include The Sherwin-Williams Company, FirstBank, Sprouts Farmer’s Market, among others.

Suwanee Distribution Center

Developed in 2013, Suwanee Distribution Center is a class-A, bulk industrial facility, consisting of a one-story building which contains approximately 32.53 acres of land, 558,769 net rentable square foot industrial warehouse space and 337 parking spaces. As of March 31, 2022, the Suwanee Property is approximately 100% leased and occupied by the sole end tenant, Mitsubishi.

The Medical Office Properties

South Reno Medical Center

Developed in 2004, the South Reno Medical Office Center consists of a two-story building which contains approximately 2.16 acres of land, 32,312 net rentable square foot medical office building space and 133 parking spaces. As of March 31, 2022, the South Reno Property is 100% leased and occupied by end tenants, which includes Great Basin Orthopaedics, a Nevada professional corporation, and SpineNevada, a Nevada professional corporation.

Duke Medical Plaza at Patterson Place Developed in 2010, Duke Medical Plaza at Patterson Place consists of a four-story building which contains approximately 0.42 acres of land, 59,978 net rentable square foot medical office building space and 579 parking spaces. As of March 31, 2022, the Durham Property is approximately 96% leased and occupied by end tenants, which includes Duke University Health System, Inc. and Laboratory Corporation of America Holdings.

Sugar Land Medical Plaza Developed in 2020, the Sugar Land Medical Plaza consists of a two-story building which contains approximately 2.78 acres of land and 37,133 net rentable square foot medical office building space and 194 parking spaces. As of March 31, 2022, the property is 100% leased and occupied by end tenants, which include OSD Surgery Center, LP, a Texas limited partnership, FF Greenhouse Investments LLC, a Texas limited liability company, One Step Diagnostics VII, LP, a Texas limited partnership, among others.

 

Property Type

Retail

Structure

Delaware Statutory Trust

JLLX
Diversified II DST

AZ, GA, NV, NC, TX

Remaining Availability

20% Remaining
Total Funds
$219,810,811
Remaining Availability
$45,000,000
Minimum Investment
$500K
Funded To Date
$174,810,811
Est. Hold Period
See PPM
Leverage
0.0%
Equity Raise
$219,810,811
Price/SF or Price/Unit
$286/SF

For More Details

 
 
 

Location Details

 
 
 

Population

multi states

Population Growth

multi states

About The Area

Market Overview

Silverstone Marketplace is located in the Phoenix-Mesa-Scottsdale Metropolitan Area which is home to 69% of Arizona’s population and 72% of its employment. Due to its desirable location in the southwestern United States, friendly business atmosphere, and predictable climate, the Phoenix MSA has proven attractive to a wide range of fast-growing industries, including healthcare and biomedical, manufacturing and logistics, aerospace and aviation and software. The Phoenix MSA is one of the fastest growing employment economies in the nation, ranking third among metro areas in growth between 2015 and 2019 and gaining approximately 122,700 new jobs during the 12 months ended December 31, 2021. More generally, Arizona’s favorable employment climate has resulted in its residents leading the nation in personal income growth as of 2020 according to data from Bureau of Labor Statistics.

Suwanee Distribution Center is located in Suwanee, Georgia, within the Atlanta-Sandy Springs-Roswell, Georgia Metropolitan Statistical Area (“Atlanta MSA”). Home to more than 6 million people as of 2021, the Atlanta MSA the ninth largest and one of the fastest-growing metropolitan statistical areas in the nation. The Atlanta MSA economy is the 11th largest in the nation with an estimated 2021 gross domestic product of more than $425 billion and is home to the seventh most Fortune 500 companies of any United States metropolitan area. Multinational corporations headquartered within the boundaries of the Atlanta MSA include Home Depot, United Parcel Service, Coca Cola Co., and Delta Airlines.

United States Healthcare & Medical Office Market Overview

The healthcare industry is one of the largest, most important and fastest growing segments of the United States economy. As of 2020, annual U.S. healthcare spending exceeds $4.1 trillion and is expected to increase 5.4% annually through 2029, at which time it is projected to represent 19.7% of gross domestic product. Medical services provided in an office setting, rather than a hospital, represent approximately 25% of all healthcare related spending. Demographic shifts are a significant driver of increased healthcare demand. Although the U.S. population is projected to grow 11% by 2030, the population older than 65 years will grow by 50%, and the population older than 75 will increase by 69%. Such demographic changes suggest demand for services performed in medical office buildings will continue to grow rapidly. As of 2016, patients 65 years or older visited office-based physicians 2.5 times more frequently than patients aged 18-44. As demand for healthcare services continues to increase, more physicians and staff will be required to meet the emerging need. According to the Bureau of Labor Statistics, the health-care sector employed 11% of American workers as of 2019. Going forward, healthcare jobs will be among the fastest growing in the United States, accounting for approximately 2.3 million new jobs through 2026.

 

Sponsor

JLL Income Property Trust is an institutionally managed, daily NAV REIT that gives investors access to a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.