JLL Capital Markets said on Wednesday that it arranged the $24 million sale of Jackson Health Village, a state-of-the-art medical office building totaling 150,000 square feet in Jackson in Ocean County.
JLL worked on behalf of the seller and procured the buyer, Horizon Equities. Horizon Equities is a national real estate firm with deep roots in Ocean County.
Situated on a spacious 11.26-acre property along South Cooks Bridge Road, the three-story building boasts 609 parking spaces, accommodating the needs of patients and staff alike. With a current occupancy rate of 64%, this state-of-the-art medical village was constructed in 2014 and has a diverse tenant base of medical practices. The building’s vacancies range from 2,600 to 33,000 square feet, the largest of which was formerly a full-service fitness center with a pool.
Located just minutes from Lakewood, whose rapid expansion is transforming neighboring Jackson and Toms River, the property boasts an ideal location. With a combined population nearing 300,000, the area’s continuous growth is the fastest in New Jersey. The average age in the five-mile radius surrounding the property is 30, indicating a trend of ongoing population expansion. The impressive population in the five-mile radius reaches nearly 150,000, translating to nearly 2,000 persons per square mile. It is situated five minutes south of Interstate 195, 16 minutes west of the Garden State Parkway and nine minutes west of Route 9.
The JLL Capital Markets team was led by Senior Managing Directors Jeremy Neuer and Jose Cruz, who worked in conjunction with Vice Chairman Dan Loughlin, Managing Director Tom Stanton and Associate Vice President Matt Loughlin.
“As a medical building with significant upside, combined with the strong existing tenant base and the location, Jackson Health Village was appealing specifically to the strong local investor base. Horizon Equities delivered despite a difficult capital markets environment, and we look forward to our next deal with them,” Neuer said.
According to Joe Kotler, managing partner of Horizon Equities, “This building is Jackson’s premier medical destination, with a great mix of primary and specialty physician practices, urgent care, lab, pharmacy, radiology and conference space, making it attractive to doctors who want to serve the region’s rapidly growing population.”
Kotler added, “The acquisition complements Horizon’s medical office buildings in Ocean County, including its portfolio of medical buildings in Berkeley Township and Toms River.”