DETROIT—The revival of the US auto industry has begun attractingnational interest in many of the companies and properties thatservice it. W.P. Carey, a New York-based net leaseREIT, for example, has just purchased a 75,300-square-footbuilding, located in suburban Farmington Hills, leased toNorth American Lighting. NAL designs, manufacturesand supplies automotive lighting products for a host of vehiclemanufacturers in North America.
Carey completed the $10.2 million acquisition on behalf ofCPA(R):18 -- Global, one of its managed REITs. AsNAL's technology research center, the property plays a key role inits operations, and the company has a twelve-year, triple netlease.
“This property is an excellent investment opportunity,” saysBarry Swatsenbarg, national director ofFriedman Integrated Real Estate Solutions, also inFarmington Hills. “It offers investors the unique ability toacquire an exceptional, well-located, and stable suburban officebuilding that is currently 100% leased.” Swatsenbarg andRich Deptula, senior vice president, representedthe seller at auction.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
