Archives for December, 2012

20 Dec 2012

Nagel Road Interchange in Avon Opens with Jacobs Group Support

CLEVELAND – Dec. 20, 2012 – A new interchange opened today on Interstate 90 at Nagel Road in Avon, Ohio, with the support of The Richard E. Jacobs Group (Jacobs Group), one of the country’s leading commercial real estate developers.

“The Jacobs Group is proud to have partnered with the City of Avon, Ohio Department of Transportation, the Cleveland Clinic and others to see this interchange come to fruition,” said James Eppele, executive vice president. “What’s particularly impressive is the close collaboration among all involved to complete the new interchange some seven to nine months ahead of schedule.”

The $27 million project was financed by the city, in part, through Tax Incremental Financing, along with the Jacobs Group providing one-third of the funding. It is believed to be the first interchange in Ohio to be privately financed.

“Certainly this is about traffic, but just as big an element of this project is economic development,” said Avon Mayor James Smith.

Per traffic simulations, the interchange is expected to reduce traffic volume on State Route 83 by 35 percent and Crocker-Bassett Road by 18 percent.

The Jacobs Group owns roughly 300 acres of land near the new interchange, which it has already developed with the Cleveland Clinic Richard E. Jacobs Health Center, and has plans for further development with retailers, restaurants, hotels and other commercial enterprises.

“That’s taxes for our city, the county, our school system,” said Smith.

About The Richard E. Jacobs Group LLC
The Richard E. Jacobs Group is one of the nation’s premier developers of commercial real estate with more than 50 years experience and is headquartered in Cleveland, Ohio. Its independent affiliate, Jacobs Real Estate Services, provides comprehensive brokerage, leasing and management services for owners of office buildings, specialized use facilities and mixed use developments. More information is available at www.JRESgroup.com.

18 Dec 2012

Cleveland Clinic Purchases Land in Mentor’s Newell Creek Development

CLEVELAND – Dec. 18, 2012 – Jacobs Real Estate Services announced today that it represented the property owner in the sale of 47 acres of land in Mentor, Ohio, to the Cleveland Clinic for $7.6 million. The property is located at the intersection of Interstate 90 and State Route 615. The deal closed on Dec. 14, 2012.

“At this time, we have no immediate plans for the land. We anticipate that we will begin discussions in 2013 to determine what possibilities we’d like to consider,” said a Cleveland Clinic spokesperson. According to Ron Traub, Mentor’s director of economic and community development, the Clinic had approached the city with a proposal to rezone the land to accommodate a medical campus.

Easy highway access and the recently built Norton Parkway make Newell Creek an ideal location for businesses. Avery Dennison, an international conglomerate known by consumers for its paper products, and CT Consultants, an engineering and architecture firm, have offices in the development.

An additional 24 acres adjacent to the Clinic’s newly purchased property are available for sale for office and medical-related uses.

About Jacobs Real Estate Services LLC
Jacobs Real Estate Services, provides comprehensive brokerage, leasing and management services for owners of office buildings, specialized use facilities and mixed use developments. It is an independent affiliate of The Richard E. Jacobs Group, one of the nation’s premier developers of commercial real estate with more than 50 years experience. More information is available at www.JRESgroup.com.