JLL Income Property Trust announced the acquisition of West Boston Medical Center, a medical outpatient complex located in Watertown, Massachusetts, a suburb of Boston. The property was purchased for approximately $32 million.
The facility spans about 53,000 square feet and is fully leased to a leading regional healthcare provider under a newly executed 15-year lease agreement. The lease includes average annual rent escalations of 2.8%.
West Boston Medical Center offers a range of clinical services, including internal medicine, pediatrics, OB/GYN, pharmacy, radiology, physical therapy, and dermatology. The complex sits within a mixed-use development with more than 1 million square feet of amenities, including retail, multifamily housing, hotel space, and life sciences facilities.
The property is located one mile from Cambridge and approximately six miles from Boston’s Longwood Medical Area, providing access to numerous hospital partners. The surrounding area also benefits from strong demographics, with a population of approximately 332,000 within a three-mile radius and a median household income of about $120,000.
Healthcare real estate has been a core component of JLL Income Property Trust’s strategy since its founding in 2012. As of December 31, 2025, healthcare investments represented about 10% of the firm’s $6.9 billion portfolio, totaling $647 million across 25 healthcare properties.
JLL Income Property Trust is an institutionally managed daily NAV REIT that owns and operates a diversified portfolio of income-producing real estate assets across the United States. The company invests across multiple property sectors, including residential, industrial, grocery-anchored retail, healthcare, and office.
KEY QUOTE:
“West Boston Medical Center is an attractive addition to our healthcare portfolio. 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. The combination of demand drivers and a more favorable transaction environment has created what we believe is an attractive opportunity for the sector, and this acquisition aligns perfectly with our strategy of acquiring high-quality medical outpatient properties in target markets.”
Allan Swaringen, President And CEO, JLL Income Property Trust
