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News release

Cleveland

Top Quality Amenities Spur Sale of Suburban Cleveland Office Trio

JLL completes $50.1 million sale of Park Center Plaza I-III


CLEVELAND, Jan. 30​​, 2017 – On behalf of an affiliate of Five Mile Capital Partners, JLL's Capital Markets experts today announced the firm completed the sale of Park Center Plaza I-III in the Cleveland suburb of Independence, Ohio. Coven-Goldman Associates purchased the three five-story, Class A office buildings for $50.1 million. ​

Managing Directors James Postweiler and Peter Harwood led the JLL team on the deal.

"These are three exceptional assets in the coveted Rockside Corridor office submarket that allowed the buyer to gain immediate scale," said Postweiler. "The buildings have strong tenant profiles and recently underwent capital improvements that have solidified their Class A status."

Totaling 422,259 square feet, the three Park Center Plaza buildings offer tenants an array of amenities including a fitness center with locker rooms, a fully-equipped conference center with seating for up 160 people, and a 60-seat restaurant. The campus is located just off Interstates 77 and 480 and provides convenient access to Cleveland Hopkins International Airport.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.​

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv.

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About JLL

JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate.  JLL is a Fortune 500 company with, as of December 31, 2015, revenue of $6.0 billion and fee revenue of $5.2 billion, more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 70,000.  On behalf of its clients, the company provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. As of September 30, 2016, its investment management business, LaSalle Investment Management, has $59.7 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.