Cardinal Health, Inc.
The property, built in 2015, is a 275,951 SF industrial facility located on 17.55 acres in Detroit, Michigan and leased to Cardinal Health, Inc. The property includes 10,000 SF of office space, 2,200 SF of freezer/cooler spaces, 30 dock doors, 2 drive-in doors, and features 35’ clear height. During the construction process, ElmTree provided 100% of the capital, monitored construction on a monthly basis, and processed all construction draws. The property was featured in the NAIOP Development Magazine Spring 2016 edition as one of the catalysts in the revitalization of the Detroit metropolitan area.
Mission Critical Nature:
The facility is Cardinal Health’s sole distribution facility in the Detroit metropolitan area and provides pharmaceuticals, medical products, and services to more than 100,000 locations daily, including Henry Ford Health System (HFHS) and Detroit Medical Center (DMC). In 2012, Cardinal Health entered into a $600 million, 20-year distribution agreement with both HFHS and DMC, that required Cardinal Health to locate its distribution facility in the City of Detroit. As a result of the agreement, this new facility was constructed, replacing two other existing facilities that were located outside of Detroit. The tenant is committed to the facility as demonstrated by its willingness to fund approximately $6.2 million in tenant improvements during construction. As part of the project, Cardinal Health received significant tax incentives and grants. In addition, the tenant has the right to expand the facility up to 400,000 SF.