Cornerstone adds 4 million SF in Kentucky to management portfolio.
Cornerstone Companies, Inc., a leading healthcare real estate development, leasing, property management, consulting and investment company, has been selected by Milwaukee-Wisc.- based Physicians Realty Trust (NYSE: DOC ) a healthcare real estate investment trust (REIT), to partner with them to manage eight properties in Kentucky which DOC recently purchased from Catholic Health Initiatives.
Based in Indianapolis, Cornerstone is opening a satellite office in Louisville to provide local property management and engineering services.
“The addition of these properties to our management portfolio provides geographic diversity to our operations, as we now enter the Kentucky market,” J. Taggart Birge, President of Cornerstone. “Cornerstone is increasingly being sought out by leading health care operators, such as Physicians Realty Trust, to help them manage their property, indicating our dedicated focus on health care real estate is a key factor in our growth.”
The 676,000 square feet are all located in Lexington and Louisville:
- Jewish Medical Plaza 1 – Louisville
- Jewish Hospital Outpatient Care Center – Louisville
- Kentucky One Health Medical Plaza 2 – Louisville
- St. Joseph Office Park Condos – Lexington
- St. Joseph Office Park Bldg. D – Lexington
- St. Mary’s – Caritas Medical Plaza 1 – Louisville
- St. Mary’s – Caritas Medical Plaza 2 – Louisville
- St. Mary’s – Caritas Medical Plaza 3 – Louisville
With this contract, Cornerstone will manage 4 million square feet of health care properties nationally, with extensive operations in Indiana, Ohio and Michigan.
About Physicians Realty Trust
Physicians Realty Trust is a self-managed healthcare real estate company organized to acquire, selectively develop, own and manage healthcare properties that are leased to physicians, hospitals and healthcare delivery systems. The Company invests in real estate that is integral to providing high quality healthcare. The Company conducts its business through an UPREIT structure in which its properties are owned by Physicians Realty L.P., a Delaware limited partnership (the “operating partnership”), directly or through limited partnerships, limited liability companies or other subsidiaries. The Company is the sole general partner of the operating partnership and, as of March 31, 2016, owned approximately 96.5% of the partnership interests in our operating partnership (“OP Units”). Investors are encouraged to visit the Investor Relations portion of the Company’s website (www.docreit.com) for additional information, including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, press releases, supplemental information packages and investor presentations.