Cornerstone offering could fetch upwards of $250M; Newmark is the broker
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
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE