A three-building complex in the heart of Ocean County has changed hands just about a decade after being built as Jackson Health Village is officially under new ownership.
JLL Capital Markets announced that it arranged the $24 million sale of the state-of-the-art medical office building, which totals about 150,000 square feet. Jackson Health Village, which was constructed in 2014, is situated on an 11.26-acre property along S Cooks Bridge Rd.
JLL worked on behalf of the seller and procured the buyer, Horizon Equities. The real estate firm has a significant footprint in the area, also owning medical buildings in nearby Berkeley Township and Toms River.
The Jackson Health Village boasts 609 parking spaces and is currently 64% leased. The vacancies range from 2,600 to 33,000 square feet, the largest of which was formerly a full-service fitness center with a pool.
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.
The population in the five-mile radius of Jackson Health Village reaches nearly 150,000, translating to nearly 2,000 persons per square mile. The complex is situated five minutes south of I-195. Horizon Equities Managing Partner Joe Kotler praised the facility in a statement following the sale.
“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,” Kitler said.