Allan Swaringen Of JLL Income Property Trust Acquires Naperville Medical Center For $16.3M

The property involved in the transaction is a medical office asset located at 640 South Washington Street in Naperville, IL. The sale price for the property was $16,300,000. The asset encompasses a total square footage of 39,500 and was sold at a price per square foot of $413.

Summary of transaction details:

• Property Type: Medical Office
• Transaction Amount: $16,300,000
• Address: 640 South Washington Street
• Market: Naperville
• Square Footage: 39,500
• Price Per Square Foot: $413
• Buyer: Allan Swaringen - JLL Income Property Trust

Allan Swaringen, representing JLL Income Property Trust, acquired the Naperville Medical Center, which is currently 100% leased to a major nonprofit health system. The lease agreement spans 10 years with an annual rent escalation of 2%, aligning with JLL’s strategy of expanding its healthcare portfolio valued at $605 million.