The Avenue Shops at Cleveland’s Tower City Center Commands $56.5M

By Bogdan Odagescu, Associate Editor

Tower City Center, Cleveland

Cleveland—Bedrock Real Estate Services, a Dan Gilbert-related company,  recently acquired The Avenue Shops at Tower City Center in the heart of downtown Cleveland. The seller, Forest City Realty Trust, reported the sale price of $56.5 million, which also includes approximately 3,300 parking spaces.

The three-story, 366,000-square-foot retail asset located at 230 W. Huron Road encompasses more than 100 retailers and restaurants, in addition to an 11-screen movie theater. The Avenue Shops saw completion in 1990, having been redeveloped by Forest City Enterprises, which converted the historic Cleveland Union Terminal its current use as a shopping mall. The development sits right above Cleveland’s main RTA rail station.

“This latest acquisition is strategically connected to our other significant Cleveland investments including the Ritz-Carlton Hotel, JACK Cleveland Casino and Quicken Loans Arena. The Avenue Shops provide us with a unique opportunity to build upon the connectivity to our other downtown investments,” said Dan Gilbert, founding partner of Bedrock Real Estate, in a prepared statement. Gilbert is also founder & chairman of Quicken Loans and majority owner of the Cleveland Cavaliers.

Image courtesy of Wikimedia Commons/Laszlo Ilyes