Neal Warling, a senior vice president in Grubb & Ellis' Detroit office, represented both parties in the transaction. AAMG chose the 6300 InterFirst Drive location from a field of 20 potential sites. Standard Federal Bank has been selected by Avis Farms to provide all financing for this project. The value of the deal has not been disclosed.
"This long-term lease is an excellent deal for both parties," says Warling. "Avis Farms gets a credit tenant in a steadily growing industry and AAMG has beautiful, new office space suited to their specific needs and in a prime location,"
"Since this is a build-to-suit, we wanted to secure a long-term lease for the property," says Trish Kalmbach, Manager with Avis Farms Development. "Having AAMG lease the entire building is an added bonus, since we only have one tenant on the property."
AAMG, based here, is a subsidiary of Standard Federal Bank, the nation's fifth largest loan originator and seventh largest loan servicer. In 2002, the firm funded $119 billion in loans, and as of year-end 2002, the firm provided loan-servicing functions for more than 1.8 million customers with an aggregate loan principal balance of $185 billion.
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