Syracuse, NY According to JLL, it has closed the $18 million sale of Crouse Medical Center, which comprises two connected buildings totaling 173,466 s/f of medical office space.
JLL marketed the property on behalf of the seller, Brittonfield Associates. ICONIC Property Partners purchased the asset and assumed the existing loan. The JLL Capital Markets team representing the seller was led by senior managing director Jose Cruz, managing directors Rob Rizzi and Ben Appel, and director Steven Rutman.
Situated on 18.46 acres at 5000 Brittonfield Pwy., Crouse Medical Center is 10 miles from Crouse Hospital, adjacent to Interstate 481 and one mile from Interstate 90. 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.
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.