ROCKFORD, Ill., Jan. 24, 2019 – Marcus & Millichap (NYSE: MMI) Healthcare Real Estate Group, a leading commercial real estate investment services firm with offices throughout the United States and Canada, is pleased to announce the sale of Cornerstone Medical Building, a two-story, 61,174-square-foot medical office property in Rockford, Ill.
Ben Tashakorian and David Benjamin, investment specialists in Marcus & Millichap’s San Diego office, had the exclusive listing to market the property on behalf of the seller, Ephraim LLC, a limited liability company. Steven Weinstock assisted on the transaction as the broker of record in Illinois.
The medical office building, located at 1235 N. Mulford Road in the affluent area of Rockford, was originally constructed in 1988 and renovated in 2003. The property is currently 84 percent leased to a variety of healthcare providers, including: pain management, retina care, dermatology, gynecology and orthopedics.
“We are seeing great demand for medical assets nationwide. Cornerstone Medical Office offers a great value-add opportunity in a healthcare rich marketplace. National healthcare companies are not only reinvesting in their current assets but new players, such as Mercyhealth are entering the Rockford market.” said David Benjamin.
For more information, or if we can help with your healthcare real estate holdings, please contact us.
Healthcare Real Estate
Senior Managing Director Investments
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About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
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