BROOKLYN, OHIO — American Greetings has sold its world headquarters, a 1.6 million-square-foot facility in Brooklyn, a suburb of Cleveland, for $15.5 million. Industrial Realty Group, an Ohio-based commercial and industrial property owner, purchased the property, which is situated on more than 150 acres north of Tiedeman Road. Allegro Realty Advisors, a commercial real estate brokerage and consulting firm, facilitated the transaction. The sale involved a complex set of lease agreements, a diverse set of land uses, including office, industrial and vacant land, as well as third-party tenants. American Greetings initially retained Allegro in the fall of 2011 to provide strategic corporate real estate advisory services to determine the most appropriate reuse of the property and the best approach to its disposition strategy, according to Michael Cantor, a managing director and principal at Allegro. Industrial Realty Group will reposition and re-tenant the property. American Greetings will remain as a tenant at the property until it is ready to relocate to its new world headquarters. According to Crain’s Cleveland Business, American Greetings will begin construction on a new $350 million headquarters at Crocker Park in Westlake in September.
Office
LEE’S SUMMIT, MO. — American Healthcare Investors and Griffin Capital Corp., co-sponsors of Griffin-American Healthcare REIT III Inc., have entered into a purchase agreement to acquire Lee’s Summit Medical Office Building, a 39,000-square-foot property in Lee’s Summit, an affluent suburb of Kansas City. The purchase price was $6.75 million, plus closing costs, according to an SEC filing. Grand Street Co. LLC was the seller. Located at 301 Northeast Mulberry St., Lee’s Summit Medical Office Building is 89 percent leased to multiple tenants, including Diagnostic Imaging Centers, Saint Luke’s East Hospital and Ostetrix Medical Group. Built in 2007, the Class A building is a few miles from the 141-bed Saint Luke’s East Hospital and within 10 miles of three other area hospitals.
SAN FRANCISCO – A 305,260-square-foot office building in San Francisco has received $120 million in financing. The waterfront building is located at 500 Terry A. Francois Blvd. in Mission Bay. It is situated near the 3rd Street Light Rail, and sits adjacent to the site of the future arena for the NBA’s Golden State Warriors. Major tenants at the building include Cisco, Wix and Cengage. An affiliate of the Sobrato Organization acquired the building in May 2011. The loan features a 15-year term and 30-year amortization schedule. It was arranged by Jeffrey Weidell, Nathan Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco regional office through the firm’s correspondent relationship with Allianz Real Estate of America LLC.
LOS ANGELES – A local private investor has acquired a 186,000-square-foot creative office building in Downtown Los Angeles for $19 million. The 12-story building is located at 155 W. Washington Blvd. The structure was originally built in 1927. It was renovated in 2010. The building currently boasts a 97 percent occupancy rate. It enjoys high visibility from the 110 and 10 freeways. The buyer was represented by Emil Golub of Fortune Investments. The seller, West Washington Properties LLC, was represented by John Anthony and Christopher Steck of Charles Dunn Company.
EULESS, TEXAS — Bardin Square Investors Ltd. has sold a fully leased, single-tenant medical office building to HBR Real Estate LLC, which is owned by two local doctors. The 11,622-square-foot Class B building sits on one acre at 310 S. Industrial Blvd. in Euless, a city located between Dallas and Fort Worth. ProLab Inc. occupies the entire building. Bardin Square Investors is a single-entity partnership of Arlington-based SkyWalker Property Partners. Amber Wimberly of KW Commercial/Noble Crest Property Group LLC. marketed the asset. Larry Dillon of Champions DFW Commercial represented the buyer.
HOUSTON — HFF has arranged the sale of Southwest Corporate Center, a 525,580-square-foot office complex in Houston’s southwest/Beltway 8 submarket. HFF marketed the property on behalf of the seller, TX 9700 Bissonnet LLC. Omninet Capital purchased the property for an undisclosed amount on an all-cash basis. Southwest Corporate Center was transformed from the former Westwood Mall and renovated in 2000. The property is 62 percent leased to tenants including Stewart Lending Services, Texas Children’s Health Plan and Corinthian College. The two-story property is located on more than 40 acres at 9700 Bissonnet St., close to the U.S. Highway 59 and Beltway 8 interchange. HFF’s team representing the seller included Rusty Tamlyn and Wesley Hightower along with Rhonda Toming.
DALLAS — Rambler Park has become the first building in Dallas to be certified as LEED Platinum for Existing Buildings: Operations and Maintenance. The park is located at 7557 Rambler Road in Dallas, with direct access to Dallas Area Rapid Transit. Rambler Park is a 14-story, 310,771-square-foot office building located one-half mile east of I-75 Central Expressway. Parmenter Realty Partners bought the property in 2013. LEED certification recognizes excellence in sustainability in building operations.
HOUSTON — Logistics provider NDLI Inc. has signed a 45,675-square-foot lease at 8844 N. Sam Houston Parkway in the Sam Houston Business Park. Owned by the Levey Group, the park is located in the northwest Houston submarket and consists of three tilt-wall facilities. The layout of Sam Houston Business Park allows tenants to combine office or showroom space with manufacturing, laboratory, warehouse and distribution areas. Other tenants in the park include Tyndale USA, WestermannBG, Doorscapes Inc. and Ringers Gloves. Joseph Smith of CBRE represented Levey Group in the transaction. Glynn Mireles of CBRE represented NDLI.
NEW YORK CITY — The NYC Taxi & Limousine Commission and City of New York Office of Trials and Hearings (OATH) have signed two leases totaling 72,577 square feet at The Falchi Building, which is located at 31-00 47th Ave. in Long Island City. The agencies will occupy the third floor of the five-story, 620,000-square-foot mixed-used building. Mitchell Arkin, Kelli Burke, Greg Smith, Haley Klein and Michael Blanchard of Cushman & Wakefield represented the landlord, Jamestown, while both tenants were represented by Michele Freeman and John Morrill of CBRE.
NAPERVILLE, ILL. — NAI Hiffman will manage and lease space at Naperville Woods Office Center, a Class A office asset in Naperville consisting of two, four-story buildings totaling more than 486,000 square feet of space. The property located at 1000-1100 E. Warrenville Road is currently 98.7 percent occupied. Agellan Capital Partners Inc. awarded NAI Hiffman with the management and leasing of the property. NAI Hiffman’s leasing team consisting of Dan O’Neill and Jim Adler will market the property to potential tenants. The assignment adds to NAI Hiffman’s existing leasing and management portfolio including 56.6 million square feet of office, industrial and retail space in the Chicagoland market. Naperville Woods Office Center was built in 1988 and in 2007 underwent complete renovations of the lobbies, restrooms, building systems, façade and landscaping. The property features atrium lobbies, a cafeteria, fitness center, and ample parking. Agellan REIT U.S. L.P. purchased the property in 2013.