Visteon Sells Grace Lake Corporate Center in Van Buren Township, Mich., to Sovereign Partners, LLC
VAN BUREN TOWNSHIP, Mich., April 17, 2012 /PRNewswire/ -- Visteon Corporation (NYSE: VC) announced today that it has sold the Grace Lake Corporate Center property in Van Buren Township, Mich., to Sovereign Partners, LLC, a privately held real estate investment firm, for $81.1 million. Visteon signed a 15-year lease for 527,000 square feet on the site where its corporate offices and innovation center will continue to be located.
Under the agreement, Sovereign Partners will manage the 287-acre Grace Lake property, including all office buildings and a conference facility. The property's other tenants, GE and Dana Holding Corp., each have long-term leases that will remain in effect with the new property owner.
Sovereign Partners is a privately held real estate investment organization that specializes in the acquisition of high-quality assets throughout the United States. Its principals are Darius Sakhai and Cyrus Sakhai.
Visteon is a leading global automotive supplier that designs, engineers and manufactures innovative climate, electronic, interior and lighting products for vehicle manufacturers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; the company has facilities in 27 countries and employs approximately 26,000 people. Learn more at www.visteon.com.
SOURCE Visteon Corporation