{"id":1004140327,"date":"2016-03-28T10:39:03","date_gmt":"2016-03-28T18:39:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004140327"},"modified":"2022-12-08T18:38:09","modified_gmt":"2022-12-09T02:38:09","slug":"the-avenue-shops-at-clevelands-tower-city-center-commands-56-5m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/the-avenue-shops-at-clevelands-tower-city-center-commands-56-5m\/","title":{"rendered":"The Avenue Shops at Cleveland\u2019s Tower City Center Commands $56.5M"},"content":{"rendered":"

By Bogdan Odagescu, Associate Editor<\/em><\/p>\n

\"Tower<\/a>

Tower City Center, Cleveland<\/p><\/div>\n

Cleveland<\/strong>\u2014Bedrock Real Estate Services, a Dan Gilbert-related company<\/a>, \u00a0recently acquired The Avenue Shops at Tower City Center in the heart of downtown Cleveland. The seller, Forest City Realty Trust<\/a>, reported the sale price of $56.5 million, which also includes approximately 3,300 parking spaces.<\/p>\n

The three-story, 366,000-square-foot retail asset<\/a> located at 230 W. Huron Road encompasses more than 100 retailers and restaurants, in addition to\u00a0an 11-screen movie theater. The Avenue Shops saw completion in 1990, having been redeveloped by Forest City Enterprises, which\u00a0converted the historic Cleveland Union Terminal its current use\u00a0as\u00a0a\u00a0shopping mall. The development sits right above Cleveland\u2019s main RTA rail station.<\/p>\n

“This latest acquisition is strategically connected to our other significant Cleveland investments including the Ritz-Carlton Hotel<\/a>, 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,\u201d said Dan Gilbert, founding partner of Bedrock Real Estate<\/a>, in a prepared statement. Gilbert is also founder & chairman of Quicken Loans<\/a> and majority owner of the Cleveland Cavaliers.<\/p>\n

Image courtesy of Wikimedia Commons\/Laszlo Ilyes<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The three-story, 366,000-square-foot property encompasses more than 100 retailers and restaurants, plus an 11-screen movie theater.<\/p>\n","protected":false},"author":740,"featured_media":1004140328,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1584,21743,13,21742,21749],"tags":[],"class_list":["post-1004140327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cleveland","category-deals","category-midwest","category-latest","category-retail"],"acf":[],"yoast_head":"\nThe Avenue Shops at Cleveland\u2019s Tower City Center Commands $56.5M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/the-avenue-shops-at-clevelands-tower-city-center-commands-56-5m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Avenue Shops at Cleveland\u2019s Tower City Center Commands $56.5M\" \/>\n<meta property=\"og:description\" content=\"The three-story, 366,000-square-foot property encompasses more than 100 retailers and restaurants, plus an 11-screen movie theater.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/the-avenue-shops-at-clevelands-tower-city-center-commands-56-5m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-03-28T18:39:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:38:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/Tower-City-Center-Wikimedia-Commons.Laszlo-Ilyes-e1458917536554.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bogdan Odagescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/the-avenue-shops-at-clevelands-tower-city-center-commands-56-5m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/the-avenue-shops-at-clevelands-tower-city-center-commands-56-5m\/\",\"name\":\"The Avenue Shops at Cleveland\u2019s Tower City Center Commands $56.5M - 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He joined CPE and MHN in 2016, as associate editor. Bogdan coordinates news writing and editing work for the two publications, among others. 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