CRONHEIM MORTGAGE ARRANGES $14,675,000 FOR THREE INDUSTRIAL PROPERTIES IN ARKANSAS, TENNESSEE, AND VIRGINIA
 

ROGERS, AR, CHATTANOOGA, TN, & ROANOKE, VA – Andrew Stewart and Dev Morris have arranged financing of $14,675,000 for three industrial properties located in Rogers, Arkansas, Chattanooga, Tennessee, and Roanoke, Virginia.  Cronheim acts as servicing agent for both the Chattanooga and Roanoke properties.

Stribling Packaging Incorporated, located at 1603 North 35^th Street in Rogers, Arkansas, is a 274,510 square foot warehouse building, with 10,452 square feet of office. Founded in 1984, Stribling Packaging provides structural and graphic design, manufacturing, and fulfillment services to companies worldwide. The company’s core business consists of the manufacturing of corrugated boxes and point of purchase displays with follow on supply chain services. It is a state of the art facility with the capacity to complete a quarter of a million brown boxes or high end point of purchase displays. The $6,750,000 loan carries a 10-year term amortized over 30 years and was utilized to purchase the property in a sale leaseback transaction.

 The Federal Express facility is located at 6023 Century Oaks Drive in Chattanooga, Tennessee. The city is within a one-day drive of nearly one-third of the major U.S. markets and population and is home to Olan Mills, Rock Creek Outfitters, Double Cola, Krystal, CBL & Associates, Chattern, Covenant Transport, U. S. Xpress, Inc. (the 5^th largest trucking company in the U.S.), National Model Railroad Association, UnumProvident, The Chattanooga Bakery (home of the Moon Pie), and Miller Industries, the largest tow truck manufacturer in the world. The subject, built in 2002 as a build-to-suit for FedEx, is a 67,775 square foot building constructed on a concrete slab with a metal roof. Chattanooga has an extensive system of highway, air, water and rail transportation and has become a regional leader in industrial warehousing and distribution. The $3,200,000 loan carries a 10-year term amortized over 15 years.

Located at 3736 Tom Andrews Road in Roanoke, Virginia, the subject property is an 83,000 square foot warehouse built in 1996, and has been 100% occupied by Airborne Express since its opening. The main part of the warehouse was built in 1996 and measured 48,000 square feet. In December of 2002, an additional 35,000 square feet of space was added on the south end of the building. The expansion plans allow for one additional expansion of 48,000 square feet. Other companies located in Roanoke include Advanced Auto Parks Corporate Headquarters, Norfolk Southern, GE, Toshiba, ITT, Yokohama, and Optical Cable Corporation. The $4,725,000 loan carries a 10-year term amortized over 16 years.