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Bedrock buys Millender Center, parking garage and retail atrium

Posted By: The Detroit News on June 5, 2024.  For more information, please click here to read the source article.

Bedrock has added another downtown building to its portfolio — this one connected to General Motors Co.’s Renaissance Center, now under review with Bedrock for its next iteration.

Mortgage mogul Dan Gilbert’s real estate management said Wednesday it is now the owner of the Millender Center, its attached garage and retail atrium. The seller is GM’s subsidiary Riverfront Holdings Inc. Financial details were not disclosed.

“The acquisition of the Millender Center adds a key downtown Detroit parking asset to the Bedrock portfolio,” Catherine Clark, chief investment officer for Bedrock, said in a statement Wednesday. “It additionally provides synergies to our Courtyard Detroit Downtown property and the mixed-use amenities located within the area.”

Current tenants of the Millender Center will continue to occupy the building, Bedrock officials said. The 729,079-square-foot property on the north side of Jefferson adjoins Bedrock’s Courtyard Detroit Downtown hotel. Bedrock purchased that building from GM in 2019. The automaker had also been attempting to sell the Millender Center at that time.

The Millender Center is connected to the Renaissance Center via a skybridge over Jefferson Avenue. GM, owner of the RenCen, said in April it would work with Bedrock to redevelop the complex as it plans to move its global headquarters into Bedrock’s Hudson’s Detroit development next year.

Millender Center features 1,738 parking spaces and eight retail and dining tenants.

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