Archives for the ‘All News Releases’ Category

20 Dec 2013

LifeServices Purchases 5 Acres in Chagrin Highlands

CLEVELAND, Ohio – December 20, 2013 – The Richard E. Jacobs Group, LLC announced today that it has completed the sale of a five-acre site on South Green Road in the Chagrin Highlands corporate community in Beachwood, Ohio, to LifeServices Assisted Living for the construction of a 52,000-square-foot, 76-unit assisted living facility.

The cost of the project is estimated at more than $10 million, and the facility is scheduled to be ready for occupancy in spring 2014. When fully operational, it will employ approximately 40 people.

It will be named Beachwood Commons Assisted Living and will provide a residential setting for seniors who need some personal assistance, but who do not require 24-hour skilled nursing care.

LifeServices General Partner Scott D. Allen said, “Like all of our facilities, Beachwood Commons will provide a unique residential setting, outstanding services and compassionate care. We had been looking to add another location in the area and, given the demographics, nearby amenities and easy highway access, Chagrin Highlands was the perfect location.”

Chagrin Highlands Ltd. is a 630-acre joint development of affiliates of The Richard E. Jacobs Group, LLC and Tyco International Ltd. that includes Eaton Corporation’s Eaton Center campus, University Hospitals Ahuja Medical Center and a number of other businesses, hotels, restaurants and retailers.

About LifeServices

LifeServices operates assisted living communities on a resident-centered philosophy. It currently has three Northeast Ohio assisted living communities in Mentor, Highland Heights and Strongsville, along with five others in Pennsylvania. Further details about LifeServices are available online at www.lifeservicesassistedliving.com.

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.

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7 Nov 2013

Omnova Purchase In Chagrin Highlands Finalized

Omnova Purchase of 8.5 Acres in Chagrin Highlands Finalized: Company to Build 57,000-Square-Foot Headquarters on Property

CLEVELAND, Ohio – November 7, 2013 – The Richard E. Jacobs Group LLC announced today that it has completed the sale of an 8.5-acre site in the Chagrin Highlands corporate community in Beachwood, Ohio, to Omnova Solutions (NYSE: OMN) for the construction of a planned 57,000-square-foot global headquarters.

It will be located on Harvard Road, just west of Richmond Road, and includes land for future expansion. Omnova has broken ground, will continue construction through the winter and plans to move into the new facility in late 2014.

Omnova Chairman and Chief Executive Officer Kevin McMullen said that Chagrin Highlands “is a vibrant, expanding corporate setting where we can meet our criteria around retention, growth and cost and, at the same time, enhance the value we bring to our customers. We believe it is the perfect spot to build our future.”

He added that Chagrin Highlands will provide Omnova with outstanding amenities for current and future employees and easy access to major interstate highways, airports, educational institutions and Northeast Ohio communities.

Chagrin Highlands Ltd. is a joint development of affiliates of The Richard E. Jacobs Group LLC and Tyco International Ltd.

Among Omnova’s neighbors in the 630-acre Chagrin Highlands development will be Eaton Corporation; University Hospitals; Cleveland Clinic; KeyBank; and a number of other businesses, hotels, restaurants and retailers.

Omnova now employs 110 people full time at its current headquarters and anticipates that company growth over the next five years could result in 70 additional positions at its new headquarters. It will retain its Akron-area technology center and two specialty chemical plants.

About Omnova Solutions

Omnova Solutions is a technology-based company with sales for the 12 months ending May 31, 2013 of $1.1 billion and a global workforce of approximately 2,300. Omnova is an innovator of emulsion polymers, specialty chemicals, and functional and decorative surfaces for a variety of commercial, industrial and residential end uses. Visit Omnova Solutions on the internet at www.omnova.com for more information.

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.

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1 Oct 2013

JRES Finalizes Hotel Deal in Avon

CLEVELAND, Ohio – October 1, 2013 – Jacobs Real Estate Services (JRES) announced today that it has signed an agreement to sell a 4.27-acre site on Just Imagine Drive in Avon, Ohio, to Emerald Hospitality Associates, Inc., in conjunction with its independent affiliate, Nimbus Investment Fund.  Emerald plans to develop a 110- to 125-room, Marriott-branded hotel with an attached 5,000-square-foot conference center. The hotel, which will sit adjacent to the Cleveland Clinic Richard E. Jacobs Health Center, is planned to open in fall 2014.

The Marriott-branded hotel kicks off the 132-acre, master-planned development, which will be known as Avon Place. It will include a mix of offices, hotels, restaurants, medical facilities and other related developments. JRES also has two additional signed land sale agreements for Avon Place, which will be announced in the coming weeks.

“We are excited to be bringing a Marriott-branded hotel to complement the highly successful Cleveland Clinic facility,” said James Eppele, executive vice president at JRES. “Emerald Hospitality’s expertise in developing and managing first-class select service hotels is a perfect fit with the type of development we intend to bring to Avon Place.”

About Emerald Hospitality Inc.

Founded in 1999, Emerald Hospitality Associates is a Westlake-based, full-service hotel management and development company that provides a wide range of specialized hospitality industry services to hotel and restaurant investors. Emerald currently operates 21 properties in seven states, consisting primarily of Hilton, Marriott and Hyatt branded products. For more information, visit www.emeraldhospitality.com.

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. For more information, visit www.JRESgroup.com.

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16 Jul 2013

Windsor Heights Center, an Alzheimer’s Special Care Center, to Open in Chagrin Highlands in Spring 2014

Beachwood, Ohio – July 16, 2013 – Jacobs Real Estate Services (JRES) announced today that a 4.2-acre site at Chagrin Highlands has been sold to an affiliate of JEA Senior Living of Vancouver, WA.  JEA plans to construct a 66 bed, 33,000 square foot Alzheimer’s Special Care Center to open in Spring 2014.  To be known as Windsor Heights Center, the facility will be on Harvard Road directly west of the recently opened University Hospitals Rehabilitation Center.

“The Chagrin Highlands location, with its proximity to world-class medical care and other amenities, was ideal for our newest facility in Ohio,” said Carl Sanders, Director of Development at JEA Senior Living.

About JEA Senior Living

JEA Senior Living, Inc. is a Vancouver, WA based seniors housing operations and development company.  It is a multi-generational family-owned business founded in 1986 by Jerry Erwin that has been living out its mission to honor the experience of aging for over 27 years.  For the past 21 years their primary focus has been on purpose built Alzheimer’s special care centers.  It currently operates over 40 communities in 16 states, with an additional 10+ in development/construction throughout the United States and Canada.

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.

22 Apr 2013

KeyCorp Signs 15-Year Lease Extension for Key Tower

CLEVELAND Apr. 22, 2013 – KeyCorp has signed a 15-year lease extension with Columbia Property Trust (formerly Wells REIT II) for the company’s namesake corporate headquarters location at Key Tower in Cleveland, Ohio. The property is managed by Jacobs Real Estate Services LLC.

KeyCorp will extend its occupancy of nearly 487,000 square feet—or 37 percent—of Key Tower, which currently is 94 percent leased overall. The new KeyCorp lease commences July 1, 2015, and extends through June 2030. Terms were not disclosed.

Columbia Property Trust has owned the iconic, 57-story, Class-A office tower and attached 10‑story historic building since December 2005. The 1.3-million-square-foot property has served as the headquarters of KeyCorp., the holding company for KeyBank, since the tower’s construction in 1991. Key Tower was developed by The Richard E. Jacobs Group. It has received LEED® Gold certification from the U.S. Green Building Council® LEED for Existing Buildings rating system.

“As the property manager for Key Tower since its inception, the Jacob’s team is truly appreciative of the opportunity to work with Columbia Property on this transaction and to continue our relationship with a marquee tenant like KeyBank,” said Doug Miller, executive vice president of Jacobs Real Estate Services. “Key Tower, with its dramatic architecture, sweeping views, exclusive tenant roster and exceptional amenities, remains the premier business address in downtown Cleveland. There is a growing momentum of vibrancy downtown and this long-term lease extension will enable KeyBank to continue to be a part of it.”

Columbia Property Trust was represented internally by Jerry Banks, vice president of asset management, and Darik Afshani, also vice president of asset management, and externally by Doug Miller, John Klayman, and Cindy Greiner of Jacobs Real Estate Services, an affiliate of The Richard E. Jacobs Group. KeyCorp was represented by Mark W. Collins, regional director, for Jones Lang LaSalle (JLL) and Robert J. Roe, JLL managing director in Cleveland.

About Jacobs Real Estate Services LLC
Jacobs Real Estate Services is a provider of comprehensive third-party real estate services including property management, leasing, development and planning, brokerage and construction management. As an affiliate of The Richard E. Jacobs Group, JRES leverages nearly 60 years of experience and an owner’s perspective to maximize the value of its clients’ commercial real estate. More information is available at www.JRESgroup.com.

28 Jan 2013

Land at Center Ridge and Columbia Roads Sold in Deal Managed by Jacobs Real Estate Services

CLEVELAND – Jan. 9, 2013 – Jacobs Real Estate Services announced today that it successfully represented Center Ridge Joint Venture and NEQ Westlake LLC in the sale of three acres of land at the northeast corner of Center Ridge and Columbia Roads in Westlake, Ohio.

The land was purchased by Get Go Partners South, which was represented by Goodman Real Estate Services. The deal closed on Jan. 9, 2013 for $1,175,000.

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.

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.