X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CLEVELAND-An affiliate of the Dallas-based Cirrus Group has purchased the 58,000-sf St. Vincent Medical Building at 2322 East 22nd St. here. Christopher Associates bought the office building for less than the asking price of $5.8 million.

The multi-tenant building is more than 80% occupied, and leases range from $21 to $25 per sf, full service, says George Elliott, managing partner with the Staubach Co. The building was developed by the Christopher Associates in 1984, Elliott says, and the partnership decided it was time to sell.

“They’ve owned the building for more than 20 years,” Elliott tells GlobeSt.com. “The limited partners had a variety of reasons for wanting to exit. There are some estate issues, and other changes of direction, including that the managing partner has moved out of the real estate investment business.”

Also, it’s a good time to sell, Elliott says. “The medical office market is probably more vibrant than the office market here in Cleveland, and there’s a significant amount of capital searching for new investment,” he says.

The purchaser is listed as Medical Realty Group LLC, a subsidiary of Cirrus, which is a developer of medical service facilities. This building, filled with doctors and medical service offices, mostly serves the St. Vincent Charity Hospital, which it’s attached to via a connected walkway.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.