Cornerstone Healthcare Plus announces acquisition of Hedgcoxe Health Plaza Medical Office Building

Cornerstone Real Estate Funds and its strategic alliance partner and sub-advisor, Servant Healthcare Investments, announced that Cornerstone Healthcare Plus REIT has acquired the Hedgcoxe Health Plaza Medical Office Building in Plano, TX, from Hedgcoxe MOB Partners, L.P. The contract price for the property is approximately $9.0 million. This transaction marks the first time that the Cornerstone Healthcare Plus REIT has added a medical office building to its portfolio. The facility was constructed in 2009 and currently holds six long-term leases with various healthcare providers, all of which have personal guarantees from the primary physician sponsor of the practice.

"One of the most appealing factors in acquiring a multi-tenant medical office building in Plano, TX, is the economic growth potential of the surrounding area," comments Servant Healthcare Investments CEO John Mark Ramsey. Plano is part of the Dallas-Fort Worth Area, which is ranked number four in the U.S. in terms of population. This area is estimated to grow in the current decade at twice the growth rate of the state and about triple the growth rate of the U.S. As this population continues to grow, so will the demand for additional quality medical care.