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
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV