Actuant-Leased Plant Shops for Owner

(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.