JLL Income Property Trust has expanded its healthcare holdings with the purchase of West Boston Medical Center, a medical outpatient complex in the Greater Boston suburb of Watertown. The property, located at 485 Arsenal St., was acquired for approximately $32 million from an undisclosed seller.
The West Boston Medical Center totals about 53,000 square feet and is fully leased to a single tenant. The occupant is described as a leading regional healthcare provider and recently committed to a new 15-year lease at the property. The lease structure includes average annual rent escalations of 2.8%, providing built-in income growth over the term.
The complex sits within a heavily trafficked mixed-use development that delivers more than one million square feet of newly built amenities available to both staff and patients. Those amenities, while not detailed in the release, position the medical property within a larger destination environment that serves the surrounding community. The setting underscores the ongoing integration of healthcare uses into walkable, amenity-rich mixed-use projects.
Allan Swaringen, president and CEO of JLL Income Property Trust, said the acquisition fits the firm's stated focus on medical outpatient assets in select target markets. He pointed to current demand drivers for healthcare real estate and what he described as a more favorable transaction environment as reasons for pursuing this investment. The combination of a long-term, single-tenant lease, structured rent growth and a location within a large mixed-use campus aligns with the trust's strategy for stable, income-oriented healthcare investments.
With this transaction, JLL Income Property Trust adds another medical outpatient asset to its healthcare portfolio, backed by a long-duration lease to a regional healthcare provider. While specific financing details and the seller's identity were not disclosed, the deal highlights continuing investor appetite for well-leased medical properties in established suburban submarkets around major metros.
