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.”

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top
Time is running out to secure your Connect Now tickets at the lowest price. Don't miss out on a chance to grow yourself and your business.Learn More×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription