The Cardinal Orthopedic Institute Buys Near Polaris

The Cardinal Orthopedic Institute has just purchased a 19,694 square foot shell building located near the intersection of Polaris Parkway and Cleveland Avenue. The building (560 N Cleveland Avenue) has been vacant since it's construction in 2007. Although the asking prices for this project were once north of $150 per square foot, Cardinal was able to purchase at the discounted rate of approximately $102 per square foot.

I assume this site will serve as a point of consolidation for the two Westerville practices they acquired in the first half of 2010, Westerville Orthopedics and Northeast Orthopedics.

I anticipate that sales at this discount rate and lower will continue as many commercial real estate owners still languish under the burden of vacant buildings. For hospitals and physicians who have a need for space, there are a number of opportunities to purchase vacant buildings at 50% or less of original pricing.