TROY, MI—Wells REIT has acquired a 107,193-sf, three-story office property in suburban Detroit that is fully leased to a subsidiary of Delphi Automotives Systems Corp. The $19.8-million acquisition is 100% occupied by Delphi on a seven-year lease. The initial cap rate is 9.74% with a 10.55% average over the lease term.

The Delphi building is on 5.52 acres at the intersection of long Lake Road and Corporate Drive in Troy, MI. The tenant is a subsidiary of Delphi Automotive Systems Corp., a diversified supplier of automotive pans and components. Delphi employs more than 216,000 people in more than 36 countries.

Located in metropolitan Atlanta, Wells Real Estate Funds manages more than $475 million in assets for more than 30,000 investors.

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