Cornerstone Companies Inc. purchase Lakeview Medical Office Plaza.

Cornerstone Companies, Inc. recently announced the closing on Lakeview Medical Office Plaza, located in the 9000 block of North Meridian Street in Indianapolis, Indiana. 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. The 162,000+ square foot building, which is currently close to 84% leased with approximately 35 tenants, is located in a rapidly expanding area of Indianapolis.

“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, CEO 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 Companies, Inc. and Griffin-American Healthcare REIT III, Inc. Griffin-American Healthcare REIT III 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 Corporation, 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.