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TRW Sells, Leases Back 280,000 SF in Suburb

WASHINGTON TOWNSHIP, MI-Buyer W.P. Carey continues to look for other sale-leaseback opportunities in other states.

By Danielle Anderson | Updated on December 20, 2006

WASHINGTON TOWNSHIP, MI-W. P. Carey & Co. LLC, a New York investment firm, has acquired a 280,000-sf office facility here from TRW Vehicle Safety Systems Inc. Comprised of two buildings, the facility is fully leased to TRW. W.P. Carey declined to release the acquisition price or any specifics about the long-term lease that TRW signed in conjunction with the sale-leaseback.

The TRW facility was acquired by Corporate Property Associates 16-Global Incorporated, W.P. Carey’s affiliated income generating real estate fund. Gino Sabatini, director at W. P. Carey, tells GlobeSt.com that the fund typically buys and holds assets, and that the TRW acquisition is no exception. “TRW is a terrific company, and they will continue to be a great tenant,” he says. He adds that the suburban Detroit location was not a deterrent for W.P. Carey. “We continue to believe in Detroit,” Sabatini says, adding that the company owns a number of industrial and office buildings in the market.

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