At the annual Grubb & Ellis forecast event, held Thursday January 14th at Cleveland State University's new student Center, Ray Leach, the CEO of JumpStart, a not for profit, early stage venture company spoke about his organization.
One of the more interesting statistics highlighted by Ray Leach was the amount of space absorbed by companies which have received funding by JumpStart. There 57 companies which were included in the survey - and they have leased or purchased almost 800,000 square feet. This space is spread out over all of Northern Ohio, so its impact is not easy to see. If you were to divide 800,000 square feet by 5 years, which is about the time Jumpstart started to actively fund companies, it equates to roughly 13,000 square feet per month.
I do not think any of the companies have been huge winners yet, so imagine the impact if a few of these break out and grow rapidly? Real estate owners need businesses, and businesses to capital. Jumpstart and the overall growth of outside venture capital will end up being a boom to our real estate market.
Friday, January 14, 2011
Monday, January 3, 2011
Baker Building on Cleveland's East 6th Street Sells
The new year started off quickly with the sale of the Baker building located at East 6th, between Superior and Euclid. The building is best known as the home of Moriarty's Pub. The building was in receivership and sold to an entity controlled by Scott Scheel.
Scott is a local real estate investor, but is better known as a real estate investment trainer and speaker. He hosts classes across the country and, in this transaction, he put his money where his mouth is, and bought a beautiful old building which needs significant upgrades and improvements. It is well positioned in the path of growth between East 4th and the new Medical Mart.
The property sold on January 3rd, for $450,000.
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