485 Arsenal St. in Watertown. Image courtesy of Google Maps
A Watertown medical office building leased to was acquired by JLL Income Property Trust for $32.15 million.
The 53,000 square-foot building at 485 Arsenal St. is 100 percent leased following a recent 15-year commitment by Atrius Health, according to JLL Income Property Trust.
The seller was developer Boylston Properties, which redeveloped the former Arsenal Mall into the Arsenal Yards mixed-use complex in the prior decade.
Chicago-based JLL Income Property Trust owns 25 health care properties worth an estimated $647 million.
CEO Allan Swaringen said the transaction reflects the company’s strategy of acquiring outpatient properties in target markets.
“This submarket is driven by consistent demand and impressive tenant rosters, emanating from Boston’s academic center and status as a globally significant region for life sciences and technology. We have been witnessing a growing transition in healthcare delivery, favoring outpatient facilities over traditional hospital settings.” Swaringen said in a statement.
The property includes medical offices dedicated to services including internal medicine, pediatrics, OB/GYN, pharmacy, radiology, physical therapy and dermatology.
