Visteon sells Grace Lake Corporate Center in Van Buren Township, Mich.

Visteon Corporation announced 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 sq ft 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 organisation that specialises in the acquisition of high-quality assets throughout the United States. Its principals are Darius Sakhai and Cyrus Sakhai.

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