The Ann Arbor, Michigan building which houses Borders‘ corporate headquarters is for sale, listed by owner Agree Realty for $18.349 million (or approximately $40/square foot.) Borders still has 12 years remaining on its lease, though the company has started subleasing some of its rented space. According to filings, 27 percent of Agree’s $34 million in rental income (approximately $9.26 million) comes from 17 leases to Borders. Local real estate experts told AnnArbor.com that that the listing of the Borders headquarters “appears to be a step toward diversifying a real estate portfolio that’s heavy on three major tenants.” And spokeswoman Mary […]
