Medical office building in northern New Jersey trades
JLL Capital Markets led the sales effort for the 95%-leased Patriot Plaza in Hackettstown, NJ
MORRISTOWN, N.J., August 11, 2022 – JLL Capital Markets announced today that it has closed the sale of Patriot Plaza, a 65,658-square-foot, multi-tenanted medical office building in Hackettstown, New Jersey.
JLL represented the seller, a private company, in the sale to Kayne Anderson Real Estate and Remedy Medical Properties.
Patriot Plaza is 95.0% percent occupied and comprised of 81.9% medical and 13.1% retail with eight unique tenants. The property is anchored by Atlantic Health System, an academic health system affiliated with the Sidney Kimmel Medical College at Thomas Jefferson University. The building also features a two operating room multi-specialty ambulatory surgery center that is an affiliate of Surgical Care Affiliates (“SCA”), owned by a subsidiary of UnitedHealth Group, Inc. The tenant mix at the property includes orthopedics, radiology, physical therapy, oral & maxillofacial surgery, ophthalmology, podiatry, gastroenterology and general surgery.
The property is located at 57 US-46, which is 2.6 miles south of Hackettstown Regional Medical Center and 45 miles east of Manhattan. Patriot Plaza benefits from its proximity to top talent at 11 local colleges and universities. Additionally, with access to Route 46 as well as Interstate 80, the submarket is among the most desirable commerce locations in the Northeast for pharmaceutical, biotech, healthcare and education.
The JLL Capital Markets team representing the seller was led by Managing Director Brannan Knott, Director J.B. Bruno and Vice President Craig Parcells.
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 best-in-class solutions for clients — whether investment and sales 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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Kayne Anderson Real Estate
Kayne Anderson Real Estate (“KA Real Estate”) is a leading real estate private equity investor in medical office, seniors housing, off-campus student housing, multifamily housing and self-storage. KA Real Estate manages $14 billion of real estate AUM across opportunistic equity, core equity and real estate debt. KA Real Estate is part of Kayne Anderson Capital Advisors, L.P., a $34 billion alternative investment management firm with more than 37 years of successful experience in the real estate, infrastructure, credit and growth capital sectors.
About Remedy Medical Properties
Remedy Medical Properties (“Remedy”), together with KA Real Estate, is the nation’s largest private owner of medical properties and is based in Chicago. Remedy’s properties total more than 28 million square feet across 43 states. The acquisition is a strategic alignment with Remedy’s existing relationships with Atlantic Health System, SCA and regional medical office assets.