Auto parts manufacturer sells Michigan complex

Investment firm W. P. Carey & Co. LLC acquired an approximately 280,000-square-foot office facility in Washington Township, Mich., for an undisclosed price.

The company's affiliated income-generating real estate fund, Corporate Property Associates 16 - Global Incorporated, purchased the two-building property from TRW Vehicle Safety Systems Inc., which will continue to house its engineering labs and related services on-site.

Gino Sabatini, a director at W. P. Carey, said, "Consistent with the trend of corporate property owners converting real estate assets into cash for redeployment in other areas of their business, our goal in this transaction was to maximize current cash proceeds to TRW Vehicle Safety Systems while allowing the company to maintain long-term control of the facility for operating purposes."

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