(Indianapolis, IN) February 4, 2021 — Cornerstone Companies, a full-service healthcare real estate investment, development and management firm based in Indianapolis, has announced that it will be exploring the sale of a portfolio of medical office buildings.
The portfolio which has a significant concentration in the Midwest and Southeast, totals more than 800,000 square feet. The assets were aggregated by Cornerstone throughout the past several years through a series of acquisitions made in several of Cornerstone’s private equity fund vehicles as well as developments led by Cornerstone. Cornerstone’s 35-year history of acquiring and developing strategic outpatient medical office buildings which are leased to leading health systems and dominant physician groups in key healthcare delivery networks is evident in the portfolio to be sold. The transaction will mark a round trip of the fund, as the firm begins deploying Fund 6.
Cornerstone has tapped Newmark as its exclusive advisor on the transaction. The Newmark team is led by Jay Miele, John Nero, Ben Appel, Michael Greeley and Ron Ott.
“We welcome the expertise of Newmark as we evaluate options to provide liquidity and value to our investors. The portfolio is an excellent representation of Cornerstone’s extensive healthcare real estate expertise and capabilities that have enabled us to create an attractive and sizeable portfolio of high-performing medical office properties,” said Tag Birge, CEO of Cornerstone Companies.
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