INDEPENDENT VERDICT
Cornerstone Professional Properties, L.P. is best understood as a property-level investment vehicle inside the Woodside Health / Crescendo Commercial Realty ecosystem rather than as an independent real-estate sponsor called "Cornerstone." The September 8, 2026 Form D reports a new $10.66 million Rule 506(b) equity offering with no first sale yet, $0 sold, zero investors and a $1,000 minimum investment. Joseph G. Greulich is Manager of the General Partner, while Ted Barr, Benjamin Sheridan, Benjamin Barr, Rick Sonkin, Steven Joseph and Andrew Morgan are also identified as related persons. The issuer uses 2 Summit Park Drive, Suite 540 and telephone 440-484-2200 — exactly the headquarters and telephone number published by Crescendo Commercial Realty, Woodside Health's sister company. Woodside's official leadership page independently identifies Joe Greulich and Ted Barr as co-founders and principals and Ben Barr as Managing Partner.
THE MOST IMPORTANT DISCLOSURE IS THE $800,000 RELATED-PARTY REIMBURSEMENT
The 2026 filing contains considerably more information than a typical property-level Form D because Item 16 estimates that $800,000 of gross offering proceeds will be used for payments or reimbursements involving related persons. The issuer explains that these payments may reimburse Woodside Health Hills, LLC, which it says is owned by related persons, or reimburse related persons directly for mortgage application fees, real-estate commissions, escrow expenses, due-diligence expenses, travel and miscellaneous out-of-pocket costs. The same disclosure also mentions legal fees to Sonkin & Koberna, LLC, which the filing says employs a related person.
That $800,000 represents approximately 7.5% of the $10.66 million maximum offering. It should not automatically be characterized as a sponsor fee because the filing specifically describes reimbursements for multiple acquisition and transaction expenses. But investors should obtain an itemized schedule showing which expenses were paid, which affiliate incurred each cost, whether any real-estate commissions were paid to Crescendo or another related entity, which mortgage application expenses were advanced and whether any markup or profit is embedded in those reimbursements.
THE SPONSOR IDENTITY CAN BE VERIFIED THROUGH WOODSIDE HEALTH AND CRESCENDO
Woodside Health describes itself as a healthcare-focused real estate private-equity firm specializing in outpatient medical properties. Its current website reports approximately $1.50 billion of total transaction activity, 2.25 million square feet under management and approximately $485 million of equity raised and deployed. Woodside says it operates through an integrated platform with sister company Crescendo Commercial Realty, providing acquisitions, leasing, property management and investor relations. The two businesses currently share 2 Summit Park Drive, Suite 540 in Cleveland.
Joe Greulich is especially important because he signs Cornerstone's Form D and is independently identified as Woodside Health's co-founder and principal and as a principal of Crescendo Commercial Realty. Ted Barr is another Woodside co-founder, while Ben Barr is Woodside's Managing Partner and also a Crescendo principal. The overlap of people, office, telephone and transaction function creates a much stronger sponsor connection than simply finding a similar company name online.
THE SAME TEAM HAS CREATED MANY PROPERTY-SPECIFIC SEC VEHICLES
Cornerstone is one of numerous private real-estate entities using the same Summit Park office and the same Greulich/Barr management infrastructure. SEC records show Tamiami Medical Properties, College Park Debt Fund, Paradise Professional Properties and Fleming Medical Properties using the same Cleveland address and repeating Joseph Greulich and members of the Barr team in management roles. Tamiami Medical Properties was still filing in 2026; College Park Debt Fund appeared in 2023; Paradise Professional Properties and Fleming Medical Properties provide further evidence that this is a repeat property-capitalization model rather than a one-off structure.
Woodside itself has a long acquisition history. In 2024 the firm announced a programmatic joint venture with institutional real-estate manager Heitman focused on medical outpatient assets. At that time Woodside said it had completed 59 acquisitions across eight states since 2008. Woodside's current portfolio includes assets in Arizona, Florida, Georgia, Michigan, Nevada, North Carolina, Ohio, Oregon, Texas and Virginia.
THE 2022 AND 2026 FILINGS SHOULD NOT BE ADDED TOGETHER
Cornerstone Professional Properties first filed a Form D in May 2022 for a $5,950,500 equity offering. That filing reported $0 sold. The September 2026 filing is another new notice under the same CIK, this time for $10.66 million, and again reports First Sale Yet to Occur, $0 sold and zero investors. Public filing history therefore shows two separate proposed offering amounts over time, but there is no basis to claim that Cornerstone raised $16.61 million. The SEC record actually shows zero securities sold in both public notices reviewed.
That distinction is especially important because the larger 2026 offering may represent a revised acquisition, recapitalization, expanded property capitalization or another iteration of the same partnership, but Form D does not explain why the target increased from approximately $5.95 million to $10.66 million. Investors should ask whether the underlying property changed, whether debt assumptions changed, whether additional improvements are planned or whether new equity is replacing a prior capitalization proposal.
THE EXACT PROPERTY IS STILL NOT PUBLICLY ESTABLISHED
Despite the unusually strong sponsor trail, the Form D does not identify the physical property behind Cornerstone Professional Properties by address, tenant roster or legal parcel. The word "Professional" and Woodside's medical-outpatient focus make healthcare or professional-office exposure plausible, but the issuer should not be assigned to a specific medical building without deed, offering-memorandum or sponsor confirmation.
This is where evidence discipline matters. Woodside's portfolio includes properties such as Tamiami Trail in Naples, Medical Offices at Maitland in Orlando, Greenfield Medical Office Building in Gilbert, Sweetwater Professional Centre in Sugar Land, Dublin Corners in Ohio, Twelve Oaks Professional Center in Austin and numerous other outpatient assets. None of those should automatically be labeled the Cornerstone asset merely because the naming style is similar.
HEALTHCARE REAL ESTATE HAS DEFENSIVE FEATURES BUT STILL CARRIES PROPERTY RISK
Woodside focuses heavily on outpatient healthcare properties, a segment supported by aging demographics and the continuing migration of procedures from hospitals to outpatient settings. The firm's 2024 Heitman joint venture explicitly cited those secular demand drivers. Yet medical-office investing still depends on tenant credit, physician practice health, hospital affiliations, reimbursement economics, occupancy, leasing costs and property location.
A medical building can also require significant tenant improvements because clinical space is more specialized than ordinary office space. If a major medical tenant leaves, replacing that tenant may involve expensive plumbing, electrical, imaging, laboratory or procedure-room work. Investors should therefore evaluate lease expiration schedules, tenant-improvement obligations, rent coverage and concentration by medical group rather than assuming healthcare tenancy automatically creates low risk.
FINAL ASSESSMENT
Cornerstone Professional Properties has a strong sponsor-verification profile but weak asset-level transparency at the new-offering stage. SEC records establish a $10.66 million Rule 506(b) equity offering, no first sale yet, zero investors and a management group centered on Joseph Greulich. The issuer's address and phone connect directly to Crescendo Commercial Realty, while Woodside Health's official materials independently identify Greulich, Ted Barr and Ben Barr as members of the sponsor's leadership. The Form D's explicit reference to Woodside Health Hills, LLC makes the Woodside relationship even more direct.
The most important diligence issue is the capital stack and use of proceeds. Approximately $800,000 is estimated for reimbursements involving affiliates or related persons, and the exact underlying property has not been publicly identified in the Form D. Before investing, an investor should obtain the property address, purchase agreement, appraisal, rent roll, tenant-credit schedule, debt terms, sources-and-uses statement and detailed related-party reimbursement schedule.
KEY FINDINGS
Cornerstone Professional Properties LP was formed in Ohio in 2022. CIK is 0001928998. The latest Form D was filed September 8, 2026. The offering target is $10.66 million. The first sale had not occurred. Amount sold was $0. Investors reported were 0. Minimum investment is $1,000. The security is equity. The exemption is Rule 506(b). The issuer is classified as commercial real estate. Joseph Greulich is Manager of the General Partner. Ted Barr is a Member of the General Partner. Ben Sheridan is connected through a member of the General Partner. Ben Barr is a Member of the General Partner. Rick Sonkin is a Member of the General Partner. Steven Joseph is a Member of the General Partner. Andrew Morgan is a Member of the General Partner. The issuer uses 2 Summit Park Drive, Suite 540. The issuer uses 440-484-2200. Both match Crescendo Commercial Realty. Woodside Health and Crescendo describe themselves as sister companies. Joe Greulich and Ted Barr are Woodside Health co-founders. Ben Barr is Woodside Health's Managing Partner. The filing estimates $800,000 of proceeds for related-person or affiliate reimbursements. Woodside Health Hills LLC is named directly in the Form D. Sonkin & Koberna LLC is also named in the related-person reimbursement disclosure. The exact underlying Cornerstone property is not disclosed in the Form D.
FORM D HISTORY
May 23, 2022 Offering: $5,950,500 Amount sold: $0 Security: Equity
September 8, 2026 Offering: $10,660,000 Amount sold: $0 Remaining: $10,660,000 Investors: 0 First sale: Yet to occur Minimum: $1,000 Rule: 506(b)
The two offering targets should not be added together as capital raised.
WOODSIDE HEALTH PLATFORM
Official sponsor: Woodside Health
Sister operating company: Crescendo Commercial Realty
Headquarters: 2 Summit Park Drive, Suite 540 Cleveland, Ohio 44131
Crescendo phone: 440-484-2200
Woodside focus: Healthcare real estate Medical outpatient facilities
Public Woodside statistics: Approximately $1.50B total transaction activity Approximately 2.25M square feet under management Approximately $485M equity raised and deployed
These figures are company-reported platform statistics and are not Cornerstone Professional Properties assets.
WOODSIDE LEADERSHIP
Benjamin Barr Principal Managing Partner Acquisitions Asset / portfolio management Joint ventures Dispositions
Joseph Greulich Principal Co-Founder Due diligence Financing Closing Property operations Crescendo co-founder
Ted Barr Principal Co-Founder Acquisition sourcing Investment strategy Partnership structuring
Benjamin Sheridan Part of Woodside's principal leadership group in public transaction materials
Woodside has stated that its core leadership includes Ben Barr, Joe Greulich, Ben Sheridan and Ted Barr.
RELATED SEC VEHICLE EVIDENCE
Cornerstone Professional Properties LP Tamiami Medical Properties LP College Park Debt Fund LP Paradise Professional Properties LP Fleming Medical Properties LP
These vehicles use substantially overlapping: Summit Park address telephone number Greulich management Barr-family management commercial / medical real estate infrastructure
They should be treated as Woodside Health / Crescendo project vehicles rather than separate sponsor brands.
RELATED-PARTY USE OF PROCEEDS
Estimated amount: $800,000
Form D explanation includes reimbursement for: Mortgage application fees Real estate commissions Escrow expenses Due diligence Travel Miscellaneous out-of-pocket expenses Legal fees
Named affiliate: Woodside Health Hills, LLC
Named legal firm: Sonkin & Koberna, LLC
The filing states Woodside Health Hills is owned by related persons and says Sonkin & Koberna employs a related person.
Investors should request an itemized transaction-level reconciliation of the $800,000.
WEBSITE / ENTITY PENETRATION
Cornerstone Professional Properties identity: Confirmed
CIK: Confirmed
2 Summit Park address: Confirmed
440-484-2200: Confirmed
Crescendo address match: Confirmed
Crescendo phone match: Confirmed
Joseph Greulich / Woodside: Confirmed
Joseph Greulich / Crescendo: Confirmed
Ted Barr / Woodside: Confirmed
Ben Barr / Woodside: Confirmed
Woodside / Crescendo sister-company relationship: Confirmed
Woodside Health Hills related-party reference: Confirmed directly in SEC filing
Exact Cornerstone property: Not publicly established
Property address: Not disclosed in Form D
Purchase price: Not disclosed
Property appraisal: Not disclosed
Tenant roster: Not disclosed
Occupancy: Not disclosed
Lease expirations: Not disclosed
Senior debt: Not disclosed
Loan-to-value: Not disclosed
Projected investor return: Not disclosed
Sponsor promote: Not disclosed
Management fee: Not disclosed in Form D
CORE INVESTOR QUESTIONS
What exact property does Cornerstone Professional Properties own or intend to acquire What is the street address Is it primarily medical office What is the purchase price What equity has the sponsor already invested What is the total capitalization What senior loan is contemplated What is loan-to-cost What is loan-to-value What interest rate applies Is debt fixed or floating What is the loan maturity Who are the tenants What percentage of rent is medical Who is the largest tenant What percentage of rent does the largest tenant represent What is weighted-average lease term What is current occupancy What tenant improvements are required What leasing commissions are budgeted What capital expenditures are required Why did the offering increase from $5.95M in 2022 to $10.66M in 2026 Is this the same property contemplated in 2022 Why was no capital sold under the 2022 notice What exactly comprises the $800,000 related-party reimbursement How much represents real estate commissions Which affiliate earned those commissions How much is reimbursement of third-party costs How much represents legal fees Are reimbursements at cost Does any affiliate earn a markup What acquisition fee does Woodside receive What asset-management fee applies What property-management fee does Crescendo receive What leasing commissions can Crescendo receive What promote or carried interest applies What is the expected hold period What is the exit strategy What happens if the full $10.66M is not raised
CORE RISKS
Single-property concentration Healthcare tenant concentration Vacancy risk Lease rollover risk Medical tenant improvement costs Interest-rate risk Refinancing risk Commercial real estate valuation risk Exit cap-rate expansion Related-party reimbursement risk Affiliate transaction risk Potential brokerage conflicts Property-management fee conflicts Limited public asset-level disclosure Construction or renovation risk if applicable Private partnership illiquidity Risk of assuming Woodside platform statistics apply to this individual property
SEC SNAPSHOT
Issuer: Cornerstone Professional Properties, L.P.
CIK: 0001928998
Form: D
Filed: September 8, 2026
Formation: Ohio, 2022
Address: 2 Summit Park Drive, Suite 540 Cleveland, OH 44131
Phone: 440-484-2200
Industry: Commercial Real Estate
Security: Equity
Exemption: Rule 506(b)
First Sale: Yet to Occur
Offering: $10,660,000
Sold: $0
Remaining: $10,660,000
Investors: 0
Minimum: $1,000
Offering longer than one year: No
Sales commissions: $0
Finder's fees: $0
Estimated related-person proceeds: $800,000
Signer: Joseph G. Greulich
Signer title: Manager of General Partner
PRIMARY EVIDENCE REVIEWED
SEC Form D — Cornerstone Professional Properties LP, September 8, 2026 SEC Form D — Cornerstone Professional Properties LP, May 23, 2022 SEC Form D — Tamiami Medical Properties LP SEC Form D — College Park Debt Fund LP SEC Form D — Paradise Professional Properties LP SEC Form D — Fleming Medical Properties LP Woodside Health — official About page Woodside Health — official portfolio Woodside Health — Heitman joint-venture announcement Crescendo Commercial Realty — official website Crescendo Commercial Realty — Joe Greulich biography
IMPORTANT FORM D NOTICE
Form D is a notice of an exempt securities offering. Filing with the SEC does not mean the SEC has approved, endorsed, appraised or verified Cornerstone Professional Properties, Woodside Health, Crescendo Commercial Realty, Joe Greulich, Ted Barr, any underlying property, the $800,000 related-party reimbursement, any property value or any expected investment return. The offering had not begun selling securities as of the September 8, 2026 filing. Investors should independently review the property purchase agreement, appraisal, title, rent roll, leases, debt documents, related-party reimbursement schedule, fees and complete sources and uses before investing.