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Wells REIT Makes $43M Office Buys in State

DETROIT-A two-building portfolio in Kalamazoo, MI and suburban Farmington Hills is fully leased to Dana Corp. for 20 years. The Atlanta-based REIT pays $139 per sf for the Kalamazoo property and $198 per sf for the Farmington Hills asset.

By Robert Carr | Updated on April 03, 2002

DETROIT-Wells Real Estate Investment of Atlanta has acquired a class A office/research and development facility in Kalamazoo, MI and a class A office/research and development property in suburban Farmington Hills. The company paid $20.4 million for the Kalamazoo property and $22.3 million for the Farmington Hills property, both of which are 100% leased to Dana Corp. for 20 years through March 2022.

Dana Corp. is a supplier of components, modules, and complete systems to global vehicle manufacturers.

The two-story Kalamazoo building contains 147,004 sf and includes 27.5 acres at 6938 Elm Valley Dr., approximately 140 miles west of Detroit and 50 miles south of Grand Rapids. Constructed in 1999, the property has access to I-94 and is close to Western Michigan University and other schools active in automotive engineering, design, and research.

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