CBRE Secures Transaction Management Contract with Hallmark Cards
- May 18, 2015
CBRE Group Inc. has landed a major assignment with Hallmark Cards Inc. The national greeting cards retailer recently selected CBRE to provide transaction management services for its office and industrial portfolio across North America.
The commercial real estate services firm will work with Hallmark to source locations in the U.S. and Canada to accommodate the company’s expansion.
“Growth companies like Hallmark are increasingly turning to CBRE to create advantage for their business, customers and real estate footprint,” Darcy MacKay, COO, of CBRE’s Occupier Advisory and Transaction Services, told Commercial Property Executive.
CBRE is not at liberty to provide details of Hallmark’s office and industrial holdings. Per the company’s website, the Kansas City, Mo.-based card manufacturer has six industrial facilities located in Center, Texas; Enfield, Conn.; Lawrence, Kans.; Leavenworth, Kansas; Liberty, Mo. and Metamora, Ill. The 1.7 million-square-foot distribution center in Liberty handles shipping for 60 percent of the company’s products. The 1 million-square-foot facility in Enfield processes the remaining 40 percent.
On the office front, according to City of Kansas City records, Hallmark owns its 360,000-square-foot headquarters building at 2501 McGee St. Additionally, through its subsidiary, Crown Center Redevelopment Corp., Hallmark owns Crown Center, an 85-acre mixed-use complex located adjacent to the company’s headquarters and featuring 2.2 million square feet of Class A office space (a portion of which is independently owned). The complex–which also features, retail, entertainment, residential and lodging offerings–can accommodate an additional 2.2 million square feet of office development.
MacKay added in a press release, part of CBRE’s assignment with Hallmark will include “finding new ways to provide value for their office and industrial portfolio.”