Dana's CFO Bob Richter says the sale is "the next significant step in the divestiture of the Dana Credit Corp. businesses." The credit conglomerate is headquartered in Toledo, OH along with its parent, Dana Corp., one of the world's largest suppliers of components, modules and complete systems for vehicle manufacturers and after-markets.
A Dana spokesman tells GlobeSt.com that the real estate services group got its start in the mid-1980s by acquiring several properties from the savings and loans meltdown. Fortress bought Dana's equity investment group; the capital markets group remains on the market.
A prime example of the group's investment plays is a 2001 partnership with Austin-based Cummings-Baccus Interests LLC, in which they paid $27.8 million for a 272,000-sf office building in downtown Tucson.
Dana's real estate group ended up with an Austin headquarters because it took over several leasing and management companies in the region, according to the company contact. Fortress did not return telephone calls before press time for comment about the office's future in Austin.
The office is located at 515 Congress Ave. in the CBD. Lazard Freres & Co. LLC served as Dana's adviser for the sale.
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