Cornerstone Expands its Health Care Portfolio

The completion of US 31 will allow the physicians in Lakeview to service a broader area.

INDIANAPOLIS—Cornerstone Cos. Inc., a privately owned healthcare real estate company in Indianapolis, recently completed its purchase of Lakeview Medical Office Plaza, located in the 9000 block of N. Meridian St. in Indianapolis. The plaza is the latest purchase by the company, which continues to rapidly expand its portfolio of owned and managed medical office buildings, both locally and nationally. Thirty-five tenants currently occupy close to 84% of the 162,000-square-foot building, which is is located in a rapidly expanding area of the city.

“Indianapolis has a diversified economy being both the state capital and financial hub of our state,” Taggart Birge, chief executive officer of the company, tells GlobeSt.com. “Importantly, the asset is located on the northside of Indianapolis with excellent demographics and US 31 has just completed a $100,000,000 plus renovation that will allow the northern counties, and its population base, to reach our site in 5 minutes or less. It used to take 20 minutes before the infrastructure improvements. The asset was acquired well below replacement value which also ensures our ability to provide competitive leases in a healthcare market with pressure on reimbursement rates.”