Los Angeles-based real estate development and investment firm Industrial Realty Group (IRG), in partnership with Cleveland-based Industrial Commerce, acquired American Greetings' world headquarters in Brooklyn, OH for $15.5 million, or about $10 per square foot.
The 1.6 million-square-foot complex delivered in 1985 at 10601 Memphis Ave. in the Linndale/Westpark Industrial submarket of Cleveland.
American Greetings, the world's largest greeting card company, will relocate its world headquarters to Crocker Park in Westlake, OH in 2016, but will continue to lease space at the Memphis Ave. property, along with Mr. Gasket and H.H. Gregg, until then.
Michael Cantor and George Hutchinson of Allegro Realty Advisors represented American Greetings Corp. in the transaction.
Please see CoStar COMPS #3061257 for more information.