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.
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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