Cornerstone Buys Clearwater Medical Portfolio for $14M

Cornerstone Companies Inc., an Indianapolis healthcare real estate firm, paid $14 million for the Florida Spine Institute medical office portfolio at 2230-2251 Drew St. in Clearwater. The deed was recorded Sept. 22 with the Pinellas County clerk's office. Cornerstone bought through CCI Clearwater LLC; the seller was Florida Spine Properties LLC, a Florida Spine Institute affiliate.

The portfolio totals roughly 40,573 square feet across four purpose-built medical facilities on 3.58 acres. It is 100 percent occupied by complementary healthcare users under long-term double-net leases. The offering was marketed at a 6 percent cap rate. Regions Bank provided a $17.9 million acquisition mortgage.

The campus includes a two-story, 10,900-square-foot main building at 2250 Drew St. on 0.78 acres; a 15,966-square-foot primary and urgent care facility at 2251 Drew St. operated by One Medical Center, currently closed for renovations; and a two-story, 9,922-square-foot medical office building at 2230 Drew St. Florida Spine Properties assembled the campus over nearly two decades, buying 2250 and 2230 Drew St. in 2006 for $2.56 million and adding 2238 Drew St. plus a vacant lot in 2020 for $1.5 million.

Cornerstone, led by CEO Taggart Birge, has worked exclusively in healthcare real estate since 1985 and manages more than 11 million square feet of medical space across 25 states.