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Horizon Equities has acquired Jackson Health Village, a 150,000-square-foot medical office building in Jackson, N.J., for $24 million. JLL Capital Markets worked on behalf of the seller and procured the buyer.
Jackson Health Village came online between 2014 and 2015 in multiple phases at a development cost of $34 million, the Coloradoan reported. The property was designed to include medical services, as well as a 30,000-square-foot fitness center and other amenities such as spin rooms, a recovery zone and a Kids Club childcare.
The three-story building rises on 11.3 acres and has 609 car parking spaces. The physician practice areas include internal medical and family practice, women’s and children’s health and surgical specialties. The facility also offers imaging center, laboratory, urgent care, pharmacy, radiology and conference space. Jackson Health Village was 64 percent occupied at the time of sale, the tenant roster including Hackensack Meridian Urgent Care, Hackensack Meridian Village Pharmacy, Ocean Dermatology and Kent Plaza Pediatrics, among others.
Located at 27 S. Cooks Bridge Road, the property is less than 10 miles from Interstate 195, some 30 miles from Trenton, N.J., and 60 miles from New York City. Additionally, the building has access to the Garden State Parkway and U.S. Route 9. Medical facilities in the surrounding area include Jackson Aesthetics Center, Barnabas Health Medical Group and Howell Jackson Medical Center.
The JLL Capital Markets team included Senior Managing Directors Jeremy Neuer and Jose Cruz, alongside Vice Chairman Dan Loughlin, Managing Director Tom Stanton and Associate Vice President Matt Loughlin.
Investment in medical office buildings
New Jersey was among the markets that surpassed the $1 billion threshold in sales last year through November, with $1.2 billion in office buildings changing hands, a recent CommercialEdge report shows. Assets traded at an average of $144 per square foot. A total of 48 medical office buildings, encompassing 722,910 square feet, sold in the metro throughout last year.
Nationwide, despite a lower transaction volume compared to previous years, the average price per square foot for outpatient facilities stood at $296 in the first half of 2023. The medical office sector continues to thrive, despite economic hardships, due to its low vacancy rate, tenant stability and demand driven by an aging population and medical technological advancement.
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