| Metric | Details |
|---|---|
| Entity / Legal Name | Corewell Health (formerly Beaumont Health + Spectrum Health) |
| S&P / Moody’s Rating | A+ / Aa3 |
| Outlook | Stable |
| Investment Grade Status | Investment Grade — High Grade |
| Sector | Integrated Health System / Nonprofit |
| Michigan Hospitals | 22 hospitals |
| Outpatient Locations | 300+ across Michigan |
| Cap Rate Range | 5.00–6.00% |
| Typical Lease Term | 10–20 years (NNN or Modified Gross) |
| Guarantee Type | Corewell Health entity (confirm subsidiary) |
| Annual Revenue | ~$8.5B (FY2024 est.) |
| Geographic Focus | Michigan (Grand Rapids, Detroit metro, West Michigan, Southeast MI) |
| Typical Price Range | $3,000,000–$12,000,000+ |
Corewell Health Business Overview & NNN Investment Profile
Corewell Health is Michigan’s largest integrated health system, formed by the February 2022 merger of Beaumont Health (Southeast Michigan’s largest health system, based in Royal Oak) and Spectrum Health (West Michigan’s dominant health system, based in Grand Rapids). The combined entity operates 22 hospitals, a large physician group, a health insurance plan (Priority Health), and over 300 outpatient locations across Michigan — creating a vertically integrated health system that touches virtually every aspect of healthcare delivery in the state.
Corewell Health NNN Real Estate Profile
Corewell’s 300+ outpatient locations represent the most accessible NNN investment entry point into the system — ranging from freestanding urgent care and primary care clinics to specialty medical offices and rehabilitation facilities. The system’s aggressive outpatient expansion strategy — moving care from inpatient hospital settings to more convenient community locations — creates a pipeline of new NNN sale-leaseback opportunities as Corewell develops facilities and monetizes real estate.
Michigan’s demographic profile — aging population in Detroit metro, strong economic growth in Grand Rapids driven by West Michigan manufacturing and healthcare sectors — provides solid fundamentals for long-term healthcare location viability.
Corewell Health NNN Cap Rate & Pricing
Corewell-guaranteed NNN properties trade at cap rates between 5.00% and 6.00% as of Q1 2026. The A+/Aa3 high-grade rating supports tight pricing comparable to Ascension Health (AA+/Aa2) and other major nonprofit health system NNN investments. Outpatient clinic and medical office formats in the $3,000,000 to $8,000,000 range are accessible to individual investors and 1031 exchange buyers. Larger medical office buildings on hospital campuses price above $8,000,000 and attract institutional buyers.
Comparable NNN Tenants
| Comparable Tenant | Rating | Cap Rate Range |
|---|---|---|
| Ascension Health | AA+ / Aa2 | 5.00–6.00% |
| Henry Ford Health | A / A2 | 5.25–6.25% |
| Concentra | BBB+ / Baa3 | 5.50–6.50% |
What is Corewell Health?
Corewell Health is the merged health system formed in February 2022 by the combination of Beaumont Health (Southeast Michigan) and Spectrum Health (West Michigan). It is Michigan’s largest integrated health system, operating 22 hospitals and 300+ outpatient locations with approximately $8.5 billion in annual revenue.
Is Corewell Health investment grade?
Yes. Corewell Health carries A+ from S&P and Aa3 from Moody’s — high-grade investment grade ratings making it one of the strongest healthcare NNN tenant credits available.
What cap rates are Corewell Health NNN properties trading at?
Corewell Health NNN properties trade at 5.00% to 6.00% as of Q1 2026. Outpatient and ambulatory formats range from $3,000,000 to $8,000,000. Larger medical office buildings exceed $8,000,000 and attract institutional buyers.
The Only Corewell Health NNN Advisor Whose Fee Comes From the Deal, Not From You
In NNN buyer representation, the listing broker typically pays a cooperating commission to the buyer’s broker. On the majority of transactions, this means there is no separate fee to you as the buyer. Where a cooperating commission is not available, our compensation is agreed upon with you in advance so there are never surprises.
Find It — Corewell outpatient clinics and MOB properties sourced with entity guarantee confirmation and Michigan market analysis.
Fund It — A+/Aa3 high-grade nonprofit health system. Life companies and institutional lenders price this aggressively.
Exit It — Selling a Corewell property? High-grade Michigan health system credit attracts deep institutional demand.
Get Your Free Corewell Health NNN Consultation →
In a 1031 exchange? Tell us your timeline — we move faster.
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Own a Corewell Health Property? Capital Markets Strategies Beyond Selling
Maturing debt and considering refinancing? Our capital markets team maintains 150+ lender relationships underwriting NNN properties across investment-grade and non-investment-grade credit tiers. We structure rate-and-term refinancing, cash-out refis, and bridge-to-perm takeouts.
Evaluating a 1031 exchange or disposition? We represent both sides of Corewell Health NNN transactions — whether you are looking to exit at peak value, exchange into a higher-quality credit tenant, or reposition within the same sector.
Need a current valuation? We maintain live comps on Corewell Health NNN transactions and can produce a Broker Opinion of Value within 48 hours reflecting today’s cap rate market.
Own multiple Corewell Health properties? Considering an off-market sale?
Investment Grade represents owners on confidential disposition of Corewell Health portfolios and individual properties through off-market direct-to-principal distribution to specialty REITs, private equity funds, and family offices. Corewell Health buyer demand runs deep, and portfolio sales consistently produce stronger pricing than sequential individual sales because the institutional buyer pool is structured around portfolio acquisition.
For multi-property owners considering a portfolio disposition, see Selling Investment Grade NNN Off-Market: Tenant-by-Tenant Buyer Demand. For the full off-market framework covering individual property dispositions, sale-leasebacks, and 1031 coordination, see Off-Market CRE Sales: The Complete 2026 Guide.
The pre-listing conversation is at no cost and fully confidential. Email team@investmentgrade.com or see contact Investment Grade.
