Long-time investor launched its HRE unit with the hiring of Matt Stone in 2021
By John B. Mugford
Matt Stone
A somewhat new name has been making medical outpatient building (MOB) acquisitions and starting new development projects over the past four years or so, with quite a bit of activity in the past six months or so.
Atlanta-based Stonemont Financial Group LLC, a private investor focused on healthcare real estate (HRE) and industrial properties, has acquired and/or started development projects totaling about $175 million in the last half-year, including its most recent acquisition, in mid-March, when it purchased the four-story, 103,184 square foot Northside East Cobb Medical Center in Marietta, Ga., 20 miles northeast of Atlanta.
The firm purchased the facility, which is anchored by Atlanta-based Northside Hospital, a network of five hospitals and 300 care sites, in partnership with Chicago-based Harrison Street for $34.3 million, or $333 per square foot (PSF), according to data from RevistaMed. The seller was Toledo, Ohio-based Welltower Inc. (NYSE: WELL).
Since launching its HRE-focused vertical five years ago – which started with the hiring of Matt Stone as president of the division in October 2021 – Stonemont has acquired or developed more than 650,000 square feet of MOB assets nationwide, with its HRE portfolio now including more than $375 million in delivered and under-construction development assets.
As noted, Stonemont’s focus is on industrial and HRE facilities, and its portfolio is quite impressive, as it has about $5 billion in assets under management (AUM).
Founded in 2007 by Zack Markwell, the CEO and managing principal, the firm manages “diversified strategies on behalf of institutional and private capital partners alike. Our vertically integrated operating platform is focused on developing, acquiring and managing assets in select markets across the country.”
Mr. Markwell brought Mr. Stone on board in 2021 to start the HRE service line, as he says, to “balance out and diversify” Stonemont’s asset classes and investments.
Prior to joining Stonemont, Mr. Stone was with Charlotte, N.C.-based Truist (NYSE: TFC), where he led principal/equity investments in HRE transactions for the firm’s real estate investment banking group.
As noted, Stonemont, which has seven other offices in addition to its Atlanta headquarters, has been particularly active in the HRE space during the past six months. Based on information from the firm and RevistaMed data, here are its recent acquisitions and development projects:
■ the acquisition of the 103,184 square foot Northside East Cobb Medical Building in Marietta, Ga., for $34.3 million;
■ the acquisition of a 24,622 square foot Aylo Health Primary Care at Hickory Flats in Canton, Ga., for $14.5 million,
■ the acquisition of a 65,538 square foot Northside Medical Cumberland MOB in Smyrna, Ga., for $23 million;
■ the development of a 5,278 square foot MOB for Northside Hospital in Milton, Ga.; and
■ the development of a 53,000 square foot micro hospital and a 47,000 square foot MOB in Palm Beach Gardens, Fla., for Jupiter Medical Center.
In mid-March 2026, Stonemont partnered with Chicago-based Harrison Street on the $34.3 million acquisition of the four-story,103,184 square foot Northside East Cobb Medical Center in Marietta, Ga., about 20 miles northeast of Atlanta. (Photo courtesy of Stonemont)
HREI™ recently had the opportunity to speak with Mr. Stone about the firm’s strategy and future plans, as well as its outlook on the MOB and HRE sectors.
HREI: Tell us a bit more about Stonemont, the overall firm.
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