Morris and Stewart of Cronheim arrange $9.5 million in acquisition financing

Dev Morris and Andrew Stewart of Cronheim have arranged acquisition financing in the amount of $9.5 million for a 172,005 s/f distribution facility. The 14-year fixed-rate loan was placed with Variable Annuity Life Insurance Co. (AIG), whom Cronheim represents as correspondent and servicing agent. The subject property, originally constructed in 1999, is a single-tenant, distribution facility. Centrally positioned within Detroit MSA, the facility is located one mile from the crossroads of I-96 and I-275 in an industrial park that is occupied by a number of credit tenants. The subject encompasses a total of 172,005 s/f of net rentable area, 164,005 s/f of which are utilized as distribution space. The Subject is a class A building with 31' clear ceiling height and over 60 docks.