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Hot Property: 806,885 square foot, 95% occupied portfolio hits the market

Cornerstone offering could fetch upwards of $250M; Newmark is the broker

Among the facilities offered in the 30-property, 806,885 square foot Cornerstone Medical Office Building Portfolio is the 61,263 square foot Jervey Eye Group MOB & ASC in Greenville, S.C.
(Photo courtesy of Newmark)

Although medical office buildings (MOBs) have become well accepted as a desired asset class for an ever-widening pool of investors, large portfolio offerings tend to be a rather rare commodity.

In fact, through the first three quarters of 2020, single-asset transactions accounted for about 65 percent of the total sales volume. Although that turn of events was likely exacerbated by the COVID-19 pandemic for a variety of reasons, it meant that investors looking to grow their portfolios substantially had to work a bit harder, as closing single-asset deals can be nearly as time-consuming as acquiring a small portfolio.

Well, just a month or so into 2021, a portfolio large enough to move “move the needle” for most investors in terms of adding square footage and investing a significant amount of capital has hit the market.

Putting the portfolio up for sale is Indianapolis-based Cornerstone Companies, a 35-year-old development and full-service firm fully focused on healthcare real estate (HRE) that, when making acquisitions, often accumulates properties by targeting single assets or smaller portfolios in non-major markets.

The 30-facility Cornerstone Medical Office Building Portfolio spans

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