Jefferson Health recently sold a South Jersey office property at 1099 White Horse Road in Voorhees, New Jersey. The three-story, 27,000-square-foot building was previously used as the headquarters for Kennedy Health System before Jefferson acquired the system in 2017. Founder and Managing Principal Jason Wolf and Executive Vice President & Broker Manager Evan Zweben represented Kennedy Property Corp., an entity controlled by Jefferson Health, in the sale.
The buyer and financial terms were not disclosed, but a local limited liability corporation purchased the property. WCRE was appointed as the exclusive marketing agent for the property in 2022. According to WCRE, the building was most recently occupied by various Jefferson Health New Jersey departments. The sale of this vacant office building is seen as a positive sign for the overall office market, as mentioned by Zweben in a late March announcement.
In the fourth quarter of 2023, WCRE reported $54.29 million in completed sales in January, covering 488,376 square feet. New leasing activity accounted for over half (58%) of completed deals in Q4. Average rents for Class A and B products have remained stable for over a year, ranging from $10-$15 per square foot triple net lease or $20-$25 per square foot gross. Despite challenges faced by the office market in general, there was significant activity surrounding this property.
Last December, Jefferson Health and Lehigh Valley Health Network announced plans to merge, highlighting the dynamic changes in the healthcare industry. Despite these changes, there has been continued interest in commercial real estate properties like this one. Zweben expressed excitement about seeing the buyer bring their vision to life in the upcoming months.
The sale of this vacant office building is expected to contribute positively to the overall office market as it marks another successful transaction made possible with WCRE’s expertise and services.
In summary, Jefferson Health recently sold its South Jersey office property at 1099 White Horse Road with assistance from WCRE. The three-story building was previously used as Kennedy Health System’s headquarters before being acquired by Jefferson Health in 2017. The sale marks another successful transaction made possible with WCRE’s expertise and services.
The seller and financial terms were not disclosed but a local limited liability corporation purchased it.
According to WCRE reports from January 2023 that $54 million was completed sales covering over 488 thousand square feet during that quarter with new leasing accounting for more than half (58%) of deals.
Average rents for Class A and B products have remained stable for over a year ranging from $10-$15 per sq ft triple net lease or $20-$25 per sq ft gross.
Despite challenges faced by offices across different industries due to COVID-19 pandemic many commercial real estate properties are still being sold especially those located near urban areas that remain attractive despite current economic conditions.
