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Dana Corporation Buildings

Farmington Hills & Kalamazoo, MI

The Farmington Hills facility contains approximately 113,000 square feet and is located in a recently developed suburban Detroit research and development park.  The Kalamazoo facility contains approximately 150,000 square feet and is located in the Kalamazoo Valley Education and Office Park.  Each building was originally developed by Dana for their own use and were originally sold and leased-back by Dana as part of a portfolio disposition in October 2001.  The original investor desired to dispose of these two properties after acquisition of the Dana building portfolio in October 2001.  After an unsuccessful marketing effort by the investor, First Fidelity was introduced to the transaction and immediately identified several lease issues that would require modification if the properties were to be aggressively valued in the credit-tenant market. First Fidelity identified an institutional investor that tendered an aggressive offer subject to stipulated lease modifications.  The leases were modified and the properties were sold to the investor, a private REIT, for $41,950,000.

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Dana Corporation Buildings