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News Release: Just Closed – Final Property in the New York State Medical Office Portfolio

Jacobson Properties and Pyramid Brokerage Company of Binghamton announce the sale of the Benedictine Cancer Center, Kingston, New York – The final property in the $58.6 million New York State Medical Office Portfolio

August 22, 2019 (Kingston, New York) Lisa Menin of Jacobson Properties and Leo Jones of Pyramid Brokerage Company of Binghamton are pleased to announce the sale of the Benedictine Cancer Center, Kingston, New York, the final remaining property in the $58.6 million New York State Medical Office Portfolio. The sale of the balance of the New York State Medical Office Portfolio, composed of a total of 6 institutional grade medical office buildings located in the Capital Region and Hudson Valley, closed in February 2019.

Benedictine Cancer Center is located on the campus of HealthAlliance Hospital: Mary’s Avenue Campus (a part of the Westchester Medical Center Health Network). The building contains 36,479 square feet and is 100% leased by the Hospital. Benedictine Cancer Center was sold by an undisclosed institutional seller to a national private equity healthcare investor for $13,610,000.

The New York State Medical Office Portfolio contains a total of 245,861 square feet and is anchored by St. Peter’s Hospital, Ellis Hospital, Seton Health System and Westchester Medical Center Health Network. Menin and Jones served as the advisors to the seller.

About Jacobson Properties:

Lisa Menin of Jacobson Properties specializes in the sale of institutional grade healthcare real estate nationwide with a focus on Upstate New York and the Greater Northeast. A former Wall Street attorney, Lisa exclusively represents hospitals, physicians, and developers in the sale of their institutional grade medical assets and is an expert at re-structuring medical properties in preparation for sale. Lisa has a 33 year track record of completing complex and challenging deals and has personally closed transactions totaling in excess of $628 million over the past few years. Lisa can be reached at LMenin@jacobsonproperties.net or via telephone at (212) 580-3136. More information is available at www.jacobsonproperties.net.

About Pyramid Brokerage Company of Binghamton:

Leo Jones is a Real Estate Broker with Pyramid Brokerage Company of Binghamton, Inc.  Pyramid is Upstate New York’s largest and only regional commercial real estate services firm with over 100 agents in 10 offices across the state and has been a leading provider of commercial real estate services since 1971.  Leo has over 30 years of experience in all facets of commercial real estate. Leo can be reached at LJones@pyramidbrokerage.com or via telephone at (607) 754 5990. More information is available at www.pyramidbrokerage.com

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