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GM unit buys part of Millender Center for $37.8 million


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GM unit buys part of Millender Center for $37.8 million

By JOHN GALLAGHER

Free Press Business Writer

An arm of General Motors has purchased a portion of the Millender Center, a mixed-use complex on Jefferson Avenue facing GM's world headquarters in the Renaissance Center.

Cleveland-based Forest City Enterprises, which built the Millender Center in the 1980s, said Thursday that along with its partners it had closed the sale to Riverfront Holdings for $37.8 million.

The transaction was expected to generate net proceeds to Forest City of approximately $14.4 million, after retirement of debt and other expenses.

Only a portion of the Millender complex was sold. The deal included a 1,850-space parking garage, the 242-room Courtyard by Marriott hotel, approximately 30,000 square feet of retail space, and 9,800 square feet of office space.

Apartments Not Part Of Sale

Forest City and its partners are retaining ownership and management of Millender Center Apartments, a 339-unit apartment community that is part of the overall complex.

The sold assets had been leased to Riverfront Holdings, with an option to buy, since 1998, after General Motors had already purchased the RenCen for its new world headquarters. Under the terms of the lease, Riverfront Holdings has been receiving all operating income from those assets.

GM spokesman Tom Wilkinson said the automaker doesn't plan to change any of the Millender tenants.

The Millender Center was constructed in 1984.

Read more: GM unit buys part of Millender Center for $37.8 million | freep.com | Detroit Free Press http://www.freep.com/article/20101203/BUSINESS04/12030354/GM-unit-buys-part-of-Millender-Center-for-37.8-million#ixzz173a73ZaI

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