(Read more on the industrial market.)

LANCASTER, PA-Princeton, NJ-based Sovereign Investment Co. has put the 70,724-sf industrial building at 1811 Rohrerstown Rd. on the sales block at an asking price of $6.2 million, which translates to $87.66 per sf. Sovereign acquired it within the past 60 days as part of a multiple-property sale-leaseback portfolio from Butler, WI-based Actuant Corp. Two of the other properties, which are located in the Midwest, will also go up for sale.

"Sovereign's business plan is to buy properties in bulk at wholesale prices under sale-leaseback arrangements and then sell them at full-value prices," says Tom Gorman, a senior associate in the Philadelphia office of Marcus & Millichap. He and Matthew Gorman, an associate in the same office, are marketing the property.

The building, which is located on 18 acres, was completed in 1988. Actuant's Maxima Technologies division has just signed a 10.5-year, triple-net lease for the entire building, and the agreement includes four options to extend. "The current rent rate is $5.90 per sf, or $418,000 for the first year," Gorman tells GlobeSt.com, "and the lease agreement calls for a 3% increase every other year, including during the extension options."