CLEVELAND—American Greetings, the world’s largest greeting card company, has spent generations at its world headquarters in suburban Brooklyn, but after several years of strategizing it’s finally ready to begin moving to a more efficient, 600,000-square-foot space in nearby Westlake. The company just sold its 1.6-million-square-foot Brooklyn campus to Industrial Realty Group, which plans to transform 150-acre site into a multi-tenant property. According to Cuyahoga County records, the property was sold for $15.5 million.

Cleveland-based Allegro Realty Advisors facilitated the transaction and helped American Greetings negotiate a flexible lease which will allow it, and other third-party tenants, to stay in Brooklyn until 2016. “This deal will provide IRG with cash flow, and keep the property stable while they look for more tenants,” Allegro managing director and principal Michael Cantor tells

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