JLL arranges $150 million programmatic joint venture between Fort Street Partners and Chestnut Healthcare Real Estate

DENVER, Jan. 2, 2025 - JLL Capital Markets announced today that it has arranged a programmatic joint venture between Fort Street Partners and Chestnut Healthcare Real Estate, which has the ability to acquire and develop up to $150 million in assets over the next four years.

The venture will focus on core / core-plus and value-add investments in outpatient medical and surgery center investments in Utah.

The venture has already closed on two medical outpatient developments in Syracuse and Eagle Mountain, Utah.

"Over the past seven years, our team has developed a medical portfolio of 10 buildings, encompassing a total of 214,000 square feet. We are excited to partner with Chestnut to expand this portfolio and provide state-of-the-art medical facilities to our communities," said Jenny Taumoepeau, Chief Operating Officer and Director of Acquisitions at Fort Street.

"We are thrilled to partner with Fort Street in the acquisition and development of quality healthcare facilities in the Greater Salt Lake City area. This joint venture represents a strategic goal of Chestnut to develop key relationships in our target markets across the United States," said Kurt Hutter, Managing Director - Investments at Chestnut Healthcare Real Estate.

The JLL Capital Markets team was led by Director CJ Kodani and Managing Director Mark Root.

"The partnership between these two exceptional institutions will maximize their collective strengths and achieve returns that surpass what could be accomplished alone," 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.

For more news, videos and research resources, please visit JLL's newsroom.