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.
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.