Greenville, S.C., purchase closes its fifth fund, through which it invested $59.9 million
By John B. Mugford
Cornerstone and its investors acquired nine MOBs — all of which closed since early March — with a total of more than 300,000 square feet of space for a total of $59.9 million. (Photos courtesy of Cornerstone)
GREENVILLE, S.C. — Ever as the COVID-19 pandemic has battered the country, the economy and health systems, a few investors involved in the medical office building (MOB) space have stepped up and remained quite active in making acquisitions.
One of them, which has done so without much fanfare, is Indianapolis-based Cornerstone Companies. The 35-year-old, full-service firm is fully focused on healthcare real estate (HRE) and, when it makes acquisitions, prefers to target properties in second-tier markets in order to avoid paying capitalization (cap) rates, or estimated first-year returns, that it considers too low.
Cornerstone, which also develops MOBs for a variety of clients and provides property management services, recently made its final acquisition through its fifth investment fund, Cornerstone MOB Fund V.
That recent purchase, which closed on June 26, entailed acquiring four MOBs from the real estate investment arm of a four-location ophthalmology group based in Greenville, S.C.
According to information from HRE data firm Revista, Cornerstone acquired the four MOBs, which have a total of 115,680 square feet of space, for
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