JACKSON - Horizon Equities, a real estate firm that owns several medical office buildings around Ocean County, has purchased Jackson Health Village, a large medical complex on South Cooks Bridge Road, for $24 million.
The three-story 150,000-square foot building sits on nearly 11.3 acres.
"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," said Joe Kotler, managing partner of Horizon Equities, a real estate firm with offices in Lakewood; Tampa, Florida; and Norfolk, Virginia.
"The acquisition complements Horizon’s medical office buildings in Ocean County, including its portfolio of medical buildings in Berkeley Township and Toms River," he said in a statement.
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In January 2023, Horizon Equities announced it had purchased what was called the Ocean County Middle Market Portfolio, a total 310,023-square-foot retail and office portfolio located in Toms River, Brick and Berkeley.
The Jackson building has more than 40 different medical practices in areas such as cardiac care, rehabilitation, chiropractic, dental surgery, renal care, plastic surgery, foot and ankle center, dermatology and women's health, Kotler said. It also has a pharmacy, laboratory and imaging center.
Built in 2014, it is 64% leased with vacancies that range from 2,600 to 33,000 square feet, the largest of which was formerly a full-service fitness center with a pool, according to JLL, the commercial real estate firm that arranged the sale.
"We are planning to renovate the remaining vacancies to accommodate additional medical practices and provide services to the area," Kotler told What's Going There on Monday.
The tenants at Jackson Health Village include Hackensack Meridian Health, which has a variety of practices there including family, pediatric and specialty care and an urgent care center.
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"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," said Jeremy Neuer, a senior managing partner with JLL Capital Markets, in a statement.
"Horizon Equities delivered despite a difficult capital markets environment, and we look forward to our next deal with them.”