Jones Lang LaSalle Incorporated : Equity secured for development of Utah medical office building

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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