News

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.

15 Oct 2012

Aloft Hotel Breaks Ground at Chagrin Highlands

Beachwood, Ohio – October 15, 2012 – Groundbreaking began today for the construction of a four-story, 135-room Aloft Hotel at Chagrin Highlands, a master planned corporate community located at
I-271 and Harvard Road, which is being developed by The Richard E. Jacobs Group, Inc. and Scott Properties, a division of Tyco International LTD.

Aloft is an upscale select-service hotel brand by Starwood Hotels & Resorts Worldwide, Inc. It is scheduled to open during the third quarter of 2013.

“We are pleased to welcome Aloft Hotel into Chagrin Highlands,” said Douglas L. Miller, vice president of The Richard E. Jacobs Group.  “Aloft is a strong and unique high-end brand in the select service hotel market, which further enhances Chagrin Highlands as a dominant hub of commercial business activity in Northeast Ohio.”

Aloft joins a rapidly growing list of premier properties at Chagrin Highlands, including Eaton Corporation’s Eaton Center campus, University Hospitals Ahuja Medical Center, Lifetime Fitness, Marriott Hotels, two Chagrin Highlands office buildings, retail shops and restaurants.

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.