March 24, 2016
Following a six-month negotiating period between Forest City Realty Trust and Bedrock Real Estate Services (owned by Michigan billionaire Dan Gilbert), the 366,000-square-foot Avenue at Tower City Center retail property has sold. Gilbert’s company acquired the Cleveland, OH-based property for $56.5 million.
Avenue at Tower City Center, at 230 W. Huron Rd., has been struggling for years. When it opened in 1990, it had a high-end collection of retailers. However, the main tenant base these days consists of local stores and short-term lessees. Bedrock plans to renovate the property.