Newmark Grubb Knight Frank (NGKF) is pleased to announce that Richard Sheehan and Terry Coyne will market and sell two key mixed-use real estate assets in Cleveland’s Historic Warehouse District, The Worthington Square Building (800-805 West Saint Clair) and 425 Lakeside Avenue.
The properties are owned and operated by Cleveland-based affiliates of Jacobs Investments, Inc., an investment firm based in Palm Beach, Florida. They were developed in the mid-1990s following Jacobs’ opening of the Nautica Entertainment Complex (Nautica).
Both buildings are central to the vibrant Historic Warehouse District, and combine office and retail space with apartment units. Each also features a variety of floor plans and exceptional views of FirstEnergy Stadium, Lake Erie and Downtown Cleveland. The asking price for Worthington Square, which includes a 20,000 square foot surface parking lot, is $11.5 million. 425 Lakeside enters the market at $7.5 million.
Worthington Square is comprised of 52 apartment units that make up 45,890 square feet, as well as 54,773 square feet of office and retail space. The property also includes an adjacent 81-space parking lot. 425 Lakeside consists of 46,555 square feet of apartment space (57 units) and 19,400 square feet of office space, along with parking for 94 vehicles.
“These buildings were key components in the rebirth of the Warehouse District,” said Jeffrey P. Jacobs, CEO of Jacobs Investments, Inc. “They are well located for continued improvement in the burgeoning residential community downtown, as we harvest some of our efforts and turn our sights back to the Flats where we began,” he added.
Jacobs Investments is working on the development of a Master Plan for the Nautica Entertainment Complex, which is expected to focus on residential development. Nautica is a mixed-use development on the west bank of the Flats in Cleveland, Ohio. Its cornerstone is the Historic FirstEnergy Powerhouse, a building which served as the original electric generating power plant for the Cleveland street car system.
Nautica encompasses approximately 20 acres with a ¼-mile boardwalk along the Cuyahoga River. It features the Greater Cleveland Aquarium, the Nautica Queen (a dining cruise ship) and the 5,000-seat Jacobs Pavilion, one of the country’s premier outdoor concert venues. It also includes tenants Shooters on the Water, the IMPROV Comedy Club, the Music Box Supper Club and Windows on the River Banquet Facility.
“Recent events on both sides of the river bode well for the future of the Flats,” said Jacobs. “We look forward to continuing our efforts as a key player in that future.”
Jeffrey P. Jacobs is well-known in Cleveland for his leadership role during the 80’s in the redevelopment of the west bank of the Flats, as well as numerous projects that are recognized as cornerstones of the Warehouse District’s rebirth.
About the Warehouse District
The Warehouse District, one of Cleveland’s oldest neighborhoods and commercial centers, today offers exciting living options ranging from dramatic loft apartments to newly renovated condominiums. The neighborhood also boasts a full-scale grocery store, salons, coffee shops, neighborhood bars, some of the finest dining in the city and a vibrant nightlife.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.