Wells Real Estate Investment Trust has added a 210,000 sq. ft. Michigan office building to its growing portfolio of Class-A office properties. Atlanta-based Wells, an unlisted REIT, paid an undisclosed amount for 1075 West Entrance building in Auburn Hills. The property is fully leased by ElectronicSystems (EDS) on a long-term basis.
"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 David Steinwedell, chiefofficer with Wells Real Estate Funds. "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 the investment market."
1075 West Entrance is located on a 14-acre site near the intersection of M-59 and I-75. The four-story building is divided into two large rectangular sections for office use.