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Toledo's Health Care REIT to buy Dana headquarters on Dorr Street

21.08.2008 21:01 Shopping - Source: toledoblade.com

Health Care REIT Inc., a company which buys property nationally to be used for health care operations, said today it is moving its offices out of downtown Toledo and buying the headquarters of Dana Holding Corp. at 4500 Dorr St.

The unexpected sale, which hinged on state and local assistance, would house the 70 Health Care REIT employees at its current headquarters in Fifth Third Center at One SeaGate on Summit Street. The deal, whose price was not disclosd, is expected to be done by Oct. 1, the real estate investment trust firm said.

The headquarters of Dana, a Fortune 500 firm, will move to its Automotive Systems Technology Center off of Maumee-Western Road in Maumee. The firm has been based on Dorr for 38 years. Dana officials were not immediately available for comment.

Health Care REIT invests in senior living facilities and health care real estate in 38 states. It had revenues of $267 million in the first half of this fiscal year, with a profit of $199 million. It has assets of $5.8 billion.

Its stock was trading this morning at $51 on the New York Stock Exchange.

Read more in later editions of The Blade and toledoblade.com

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