Marcus & Millichap’s healthcare real estate group announced the sale of Cornerstone Medical Building, a two-story, 61,174-square-foot medical office property in Rockford, Illinois. Cornerstone Companies, Inc. purchased the building as part of a three-property, $18.6 million portfolio acquisition that also included assets in Texas and Louisiana.
Ben Tashakorian and David Benjamin, investment specialists in Marcus & Millichap’s San Diego office, had the exclusive listing to market the property on behalf of the seller, Ephraim LLC, a limited liability company. Steven Weinstock assisted on the transaction as the broker of record in Illinois.
The medical office building, located at 1235 N. Mulford Road in the affluent area of Rockford, was originally constructed in 1988 and renovated in 2003. The property is currently 84 percent leased to a variety of healthcare providers, including pain management, retina care, dermatology, gynecology and orthopedics.
“We are seeing great demand for medical assets nationwide. Cornerstone Medical Office offers a great value-add opportunity in a healthcare rich marketplace. National healthcare companies are not only reinvesting in their current assets but new players, such as Mercyhealth, are entering the Rockford market,” said Benjamin.
