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Sovereign Sells Manufacturing Site for $5M

EDWARDSVILLE, IL-The building was completed in April 2008 and is fully leased by Turner Electric Co.

By Gina Kenny | Updated on July 16, 2008

EDWARDSVILLE, IL-Sovereign Investments, based in Princeton, NJ, has sold a 65,000-sf manufacturing facility, here. The building at 131 Enterprise Dr. was sold to a partnership based in Long Beach, CA and Chicago, says Tom Dolan, an investment agent with the Chicago office of Marcus & Millichap. The sales price was nearly $5.3 million, or $80.85 per sf. The cap rate for the sale was 7.2%.

The buyers acquired the property as part of a 1031 exchange, Dolan says. “They liked the tenant and they were looking for a newly constructed industrial property,” he says. The build-to-suit building, which was completed in April, is located in the Gateway Commerce Center and is fully leased by Turner Electric Co. The tenant, a wholly-owned subsidiary of Actuant Corp., manufactures high-voltage switch gear. The company has a 12-year lease for the building, Dolan says.

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