The Borders Books superstore, located at 900 State St., has been sold by the real estate company that owned the former bank building in the heart of downtown Santa Barbara.
Agree Realty Corp. (NYSE: ADC) of Farmington Hills, Mich., said in a statement that it had sold the 38,000-square-foot building for $9.8 million. The buyer was not disclosed but the deal closed March 31.
“The acquisition, redevelopment and yesterday’s disposition of this asset is symbolic of the value we create in our projects,” said Joey Agree, president of Agree Realty. “We will continue to seek ways to further diversify our portfolio.”
Agree Realty owns and operates 72 properties in 15 states, mostly in the Midwest. The primarily single-tenant properties are leased to major retail tenants and neighborhood community shopping centers.
Borders officials could not be reached for comment Sunday.