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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JRES is a fully integrated third-party commercial real estate firm serving land and property owners. 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. At JRES, this experience means everything to our clients.