JLL closes $18M sale of Syracuse medical office property
The 2-building property is home to Crouse Medical Center
NEW YORK, August 21, 2019 – JLL announced today that it has closed the $18 million sale of Crouse Medical Center, which comprises two connected buildings totaling 173,466 square feet of medical office space in Syracuse, New York.
JLL marketed the property on behalf of the seller, Brittonfield Associates. ICONIC Property Partners purchased the asset and assumed the existing loan.
Crouse Medical Center consists of a one-story medical office building along with a three-story professional office building that is transitioning into a medical office. The 88.8%-leased property is anchored by Crouse Health System, which is a two-hospital, 514-bed, not-for-profit integrated health network. At this location, Crouse Hospital offers neurology, women’s care, internal medicine, physical rehabilitation, cardiology and imaging along with non-hospital clinical services, including ophthalmology, gastroenterology and laboratory services. Situated on 18.46 acres at 5000 Brittonfield Parkway, Crouse Medical Center is about 10 miles from Crouse Hospital and is adjacent to Interstate 481 and one mile from Interstate 90.
The JLL Capital Markets team representing the seller was led by Director Steven Rutman, Managing Director Ben Appel, Senior Managing Director Jose Cruz and Managing Director Rob Rizzi.
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 the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About ICONIC Property Partners
ICONIC Property Partners is a private commercial real estate investor, operator and manager exclusively focused on quality office and industrial properties in major secondary markets throughout the eastern half of the United States. ICONIC Property Partners is based in Mahwah, New Jersey, and is led by Principal’s Yaakov Leiser and Zack Schwartz. For more information, please visit iconicpropertypartners.com.