February 5, 2019
Cornerstone Medical Building, a two-story, 61,174-square-foot medical office property in Rockford, IL, has traded hands. Marcus & Millichap’s Ben Tashakorian and David Benjamin marketed the property on behalf of the seller, Ephraim LLC. Steven Weinstock assisted as the Illinois broker of record. The buyer was undisclosed.
The medical office building, located at 1235 N. Mulford Rd. in the affluent area of Rockford, was originally constructed in 1988 and renovated in 2003. The property is currently 84% leased to a variety of healthcare providers, including pain management, retina care, dermatology, gynecology and orthopedics.
Benjamin says, “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.”
For comments, questions or concerns, please contact Dennis Kaiser