Equity secured for development of Utah medical office building
JLL Capital Markets advised Fort Street Partners on the equity placement for the Syracuse Medical Office Building Development in Syracuse, Utah
DENVER, June 24, 2024 – JLL Capital Markets announced today that it has arranged an equity placement for the Syracuse Medical Office Building Development (“Syracuse MOB”), a 20,399-square-foot medical office building to-be-built in Syracuse, Utah.
JLL advised Fort Street Partners to secure the equity through Chestnut Healthcare Real Estate.
To be completed in 2025, Syracuse MOB will be a premier medical office building that is 100 percent pre-leased by three regional physician groups. The strategic selection of tenancy will capitalize on Utah's organic population growth and cater to the healthcare needs of the expanding community of young families.
Located at 3000 W Antelope Dr., Syracuse MOB is conveniently located off 1700 South, the primary thoroughfare for the city of Syracuse and only 30 minutes south of downtown Salt Lake City. The facility sits less than five miles west of the Interstate 15 interchange and Holy Cross Hospital - Davis. The building is poised to benefit from its proximity to four separate hospitals totalling 723 beds within a 10-mile radius.
The JLL Capital Markets team was led by Director CJ Kodani and Managing Director Mark Root.
“Phenomenal deal formation from Fort Street Partners and exceptional equity commitment from Chestnut during a turbulent time in the market. Great execution from all parties involved,” said Kodani.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Fort Street Partners
Fort Street Partners owns and manages for over 1,000,000 square feet of commercial office, medical, and retail space throughout Utah. Fort Street Partners continues to build its portfolio valued at over $300 Million while providing a wide range of services including ground-up development, property & construction management, property accounting, and leasing services. The executive team is comprised of professionals with a deep understanding of Utah’s commercial real estate market with decades of experience and a focus on providing exceptional returns for our investors. To learn more, please visit: fortstreetpartners.com.
About Chestnut Healthcare Real Estate
Chestnut Healthcare Real Estate invests in institutional quality healthcare real estate to support the strategic delivery of healthcare services in communities across the US. We develop and acquire properties directly and with experienced operating partners. With a focus on lower middle-market properties that are typically overlooked by institutional investors, Chestnut seeks to create compelling portfolios of healthcare real estate properties that deliver value for investors, healthcare providers, and communities. To learn more, please visit: chestnutfunds.com.