Cornerstone Expands its Health Care Portfolio

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.

"Lakeview Medical Office Plaza is a first-class medical building with great visibility and access to some of Indiana's best demographics from a healthcare payer perspective," says Taggart Birge, chief executive officer of the company. "The completion of the US 31 corridor work will allow the 35 physician groups currently in Lakeview Medical Office Plaza to service a broader area as drive times to Westfield will be 8 minutes or less."

Lakeview was acquired via a joint venture between Cornerstone and Griffin-American Healthcare REIT III, Inc. Griffin-American invests in a diversified portfolio of healthcare real estate assets, focusing primarily on medical office buildings, hospitals, skilled nursing facilities, senior housing and other healthcare-related facilities. The REIT, co-sponsored by American Healthcare Investors and Griffin Capital Corp. has acquired a diversified portfolio of healthcare real estate and real estate-related investments for an aggregate purchase price of approximately $2.05 billion, as of December 1, 2015.