Dan Gilbert Acquires the Millender Center in Downtown Detroit From GM

Dan Gilbert's Bedrock announced Wednesday that it has acquired the Millender Center on E. Jefferson Avenue in downtown Detroit from General Motors. 

The property includes a a retail atrium, the Courtyard by Marriott hotel, a People Mover station and parking garage.

Terms of the acquisition were not released. 

Interestingly, GM, which Gilbert acquired the building from, is expected to move out of the RenCen next year to become the anchor tenant for Gilberts Hudson's Detroit project. In turn, Gilbert has agreed to explore options for the RenCen, which GM owns. 

The acquisition of 729,000 square feet and includes 1,738 parking spaces and eighty retail and dining tenants, a press release said. 

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

The property adds to Gilbert's extensive portfolio in downtown Detroit.