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210,000-SF Office Building Changes Hands

AUBURN HILLS, MI-Wells REIT buys the 210,000-sf building at 1075 West Entrance Rd., fully leased by Electronic Data Systems Corp. Atlanta-based Wells REIT owns the adjacent GMAC Detroit building, which it bought last year.

By Dan Heaton | Updated on July 12, 2004

AUBURN HILLS, MI-Wells Real Estate Investment Trust, Inc. has purchased a 210,000-sf office building that’s fully leased by the Electronic Data Systems Corp. at 1075 West Entrance Rd. in this Detroit suburb. Terms of this transaction were not disclosed.

“This building was delivered as a build-to-suit for EDS in 2001, and is another example of the type of quality we look for in every acquisition for our investors,” says Wells Real Estate Funds chief investment officer David Steinwedell. “We are realizing some excellent synergy with the GMAC Detroit building next door, which the Wells REIT purchased in May 2003. Together, these buildings give us some of the best assets and corporate tenants in this investment market.”

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