Jackson medical office building sells for $24M

According to JLL, Horizon Equities acquired the 150,000-square-foot Jackson Health Village medical office building for $24 million. - JLL

Jessica Perry//January 4, 2024//

Listen to this article

National real estate firm Horizon Equities has acquired an Ocean County medical office building in Jackson.

JLL Capital Markets announced Jan. 4 it arranged the $24 million sale of the 150,000-square-foot Jackson Health Village. The firm worked on behalf of the unnamed seller and procured the buyer.

Located on South Cooks Bridge Road on more than 11 acres, the three-story building has a current occupancy rate of 64%, JLL said.

The Capital Market team was led by Senior Managing Directors Jeremy Neuer and Jose Cruz 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,” Neuer commented. “Horizon Equities delivered despite a difficult capital markets environment, and we look forward to our next deal with them.”

Based in New Jersey, and with “deep roots in Ocean County,” Horizon Equities also has offices in Florida and Virginia. According to its website, the company has developed or acquired more than 8 million square feet of commercial real estate and over 100 residential rental properties spanning the Northeast and Southeast since its founding in 2011.

In New Jersey, Horizon’s portfolio also includes properties in Toms River, Brick, Lakewood and Old Bridge as well as Monmouth and Sussex counties.

Sweet spot

Constructed in 2014, Jackson Health Village offers upward of 600 parking spaces and a diverse mix of medical practice tenants. Current vacancies at the site, according to JLL, range from 2,600 square feet to 33,000 square feet. The largest was a full-service fitness center and includes a pool.

With a combined population nearing 300,000, the growth in and around Jackson, including Lakewood and Toms River, is the fastest in New Jersey. JLL said the average age within a 5-mile radius of the property is 30, pointing to a trend of continuing population expansion.

Jackson Health Village is also accessible more broadly — located 5 minutes from Interstate 95, nine minutes from Route 9 and 16 minutes from the Garden State Parkway, JLL said.

According to Horizon Equities Managing Partner Joe Kotler, “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.”

He 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.”