Jackson Health Village Trades for $24M

On Jan 5, 2024

JLL Capital Markets has arranged the $24 million sale of Jackson Health Village, a state-of-the-art medical office building totaling 150,000 square feet in Jackson. JLL worked on behalf of the seller and procured the buyer, Horizon Equities.

Jackson Health Village is a healthcare facility situated on an 11.26-acre property along S Cooks Bridge Rd. The three-story building has 609 parking spaces, accommodating the needs of patients and staff alike. With a current occupancy rate of 64%, the medical village was constructed in 2014 and has a diverse tenant base of medical practices. Current 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. 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 I-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,” said Neuer.

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 that “the acquisition complements Horizon’s medical office buildings in Ocean County, including its portfolio of medical buildings in Berkeley Township and Toms River.”

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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