Cornerstone Companies closes MOB Fund II, acquires Crittenton Medical Plaza in Oxford, MI

Cornerstone Companies, Inc. announced this month that it has acquired the 19,123-square-foot Crittenton medical office building in Oxford, MI, for a total of $5.7 million. The property was purchased through the Cornerstone MOB Fund II, a private equity fund focused solely on medical real estate.

The acquisition of the Crittenton Medical Plaza is the final investment made by the $36-million-dollar fund. More information about all properties acquired by the Cornerstone MOB Fund II can be found below.

Cornerstone MOB Fund II properties include:

• The newly acquired Crittenton Medical Plaza, a 19,123-square-foot, multi-tenant medical office building, anchored by Ascension Health and located in Oxford, MI.
• OSF Healthcare Dwight, an 8,127-rentable-square-foot, multi-specialty medical office building that is fully occupied by OSF Healthcare and located in Dwight, IL. The MOB is scheduled to open July of 2018.
• OSF Healthcare Godfrey, a 13,126-rentable-square-foot, multi-specialty medical office building that is fully occupied by OSF Healthcare and located in Godfrey, IL.
• The Medical Center at Lone Tree, a 15,383-rentable-square-foot facility, including an ambulatory surgery center (ASC), an imaging center and an orthopedic clinic. The property is master leased by Spine One Orthopedic Group and Located in the fast-growing Denver suburb of Lone Tree, Colorado.
• Muhlenberg Medical Center, a 56,500-square-foot, multi-specialty medical clinic that is fully occupied by Baptist Health Madisonville and located in Powderly, KY.
• IU Health Clinic, a 15,200 square foot multispecialty clinic in Mooresville, IN.

The portfolio contains 126,419 total square feet of clinical and ambulatory surgical space, with an annual net operating income exceeding $2.79 million.