Press Release
FOR IMMEDIATE RELEASE
Philadelphia – April 16, 2026 – CBRE is pleased to announce that it facilitated the sale of the Stone Manor MOB, a 62,750-square-foot medical outpatient building (MOB) and ambulatory surgery center (ASC) located at 2800 Kelly Road in Warrington, Pennsylvania, to Cornerstone Companies.
Chris Bodnar, Brannan Knott, Zack Holderman, Anthony Sardo, Cole Reethof and Jesse Greshin of CBRE U.S. Healthcare Capital Markets partnered with Tom Stone, Doug Rodio, Bruer Kershner and Jerry Kranzel of CBRE’s Radnor/Philadelphia Healthcare Leasing team to act as the exclusive advisors to the seller, Carlino Commercial Development.
Stone Manor MOB is a Class A surgery and dialysis center located in the affluent Warrington submarket of Philadelphia. Purpose-built-medical in 2007, the facility is 93% leased with 9.8 years of WALT. It features a multi-specialty, high-volume ASC with two operating rooms and one treatment room to perform hand and upper extremity, joint replacement, orthopedic, pain management, sports medicine, podiatry and ENT surgeries. The surgery center is operated through a partnership between the regional physician practice, Bucks County Surgical Suites, and a leading ASC operator, USPI, a subsidiary of Tenet Health (Moody’s: Baa3). The property features additional investment grade tenancy with Fresenius Medical Care (S&P: BBB-; Moody’s: Baa3), the leading global dialysis provider. The property is in a strategic hospital-centric location boasting proximity to the Jefferson Abington Hospital (655 beds), Doylestown Hospital (247 beds), Jefferson Lansdale Hospital (140 beds) and the Bucks County Neshaminy Manor Nursing Home (360 beds), totaling 1,402 beds and more than $4.5 billion in combined total patient revenue in 2024.
“With a committed and diverse set of in-place tenants performing high volume and acuity services, coupled with limited availability in the market, the Stone Manor MOB offers a predictable revenue stream with the potential to benefit from the lease-up of the remaining vacancy with mark-to-market upside,” said Brannan Knott, CBRE’s Executive Vice President of the U.S. Healthcare Capital Markets practice. “Its hospital-central location and investment-grade tenancy makes this a strong investment for Cornerstone Companies.”
Stone Manor MOB is strategically located along Kelly Road, less than one mile from U.S. Route 611 (44,000 ADT), providing strong visibility and convenient access to major Philadelphia corridors including I-276 and I-476. The Property serves the Philadelphia MSA and benefits from a highly affluent area, with average household income of $169,857, accelerating senior population growth (12% 65+ population growth), and more than 234,000 residents within a seven-mile radius; all key drivers for continued growth in patient demand and on-site case volume.
The purchaser, Cornerstone Companies, is headquartered in Indianapolis, Indiana, with offices nationwide and helps physicians, hospitals and third-party owners across the nation efficiently develop, build, lease, manage and maximize their investments in healthcare real estate while providing a best-in-class patient and provider experience. Over the last 40+ years, Cornerstone’s portfolio has grown to over 13M+ square feet of owned and/or managed healthcare real estate across 300+ properties in 25 states. Over the last 12 years, Cornerstone has acquired and developed over 90 properties consisting of ambulatory surgery centers, Imaging centers, and medical office buildings across 11 funds, representing more than $2 billion in total project value. For more information, visit: www.cornerstonecompaniesinc.com.
The seller, Carlino Commercial Development, is a privately owned real estate development firm located in suburban Philadelphia, Pennsylvania. Its retail, residential and office projects are designed and built to include the best-in-class amenities and serve as gathering places exceeding the needs of the tenants and communities it serves. For 20+ years, Carlino has developed ground-up multi-tenant retail projects, and standalone pads while respecting natural spaces, and civic duty. Each Carlino Commercial Development project shares its commitment to transparency, representing partners with integrity, delivering services to elevate communities, and participating in community life while generating attractive returns. For more information, visit: www.carlinodevelopment.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, digital infrastructure services); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com.
Contact:
Olivia Vallone
+1 847 691 9144
Olivia.Vallone@cbre.com
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