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Borders Sells 173,244-SF Office/Industrial Asset in Leaseback Deal

NEW YORK CITY-The parent company of bookstore mega-chain Borders sells a major office/industrial facility in a leaseback deal with Los Angeles-based BentleyForbes. The 15-acre property sold for roughly $7 million.

By Glen Thompson | Updated on April 05, 2002

NEW YORK CITY-Los Angeles-based sale/leaseback specialist BentleyForbes has completed the acquisition of a 173,244-sf office and industrial facility from Borders Group Inc., owner of the gigantic Borders bookstore chain.

Ann Arbor, MI-based Borders will continue to occupy the property under a triple net lease with a 15-year term. BentleyForbes paid roughly $7 million for the 15-acre property, which includes a single tilt-up concrete building built in 1992. The office portion of the structure is 6,016 sf or 3.5 percent of the total space.

The asset is located in about six miles southwest of Columbus in Grove City, OH, a major Midwestern commercial and industrial centers and an increasingly important national distribution centers.

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