Former Borders store in downtown Ann Arbor not for sale
The former Borders store in downtown Ann Arbor is not for sale, a real estate agent confirmed today.
Melanie Maxwell | AnnArbor.com
The Michigan Daily reported the former flagship store on Liberty and Maynard streets had been bought and would be subdivided into three build-outs.
But Michael Lippitt of Landmark Commercial Services, a listing agent for the downtown store, told AnnArbor.com in an email today that the building is "not for sale."
"We are working on a lease proposal currently," he said.
Last week, Lippitt told AnnArbor.com he had received a “legitimate letter of intent” for the space, but declined to reveal any details about the prospective tenant.
“I hope we can announce it soon,” he said.
The listing divides the 42,000-square-foot downtown building into three potential spaces: the 18,683-square-foot first floor, the 18,236-square-foot second floor and the 6,311-square-foot basement.
The annual asking rate ranges between $18 and $35 per square foot.
The building has multiple ownership entities, including a family trust and Agree Realty Corp., which has controlled the property after a complex series of leases and land leases.
A spokesperson for Agree could not be reached for comment, and a city official quoted by the Michigan Daily was also not available.
All Borders stores will be closed by this weekend. The downtown Borders store closed on Monday.
Lizzy Alfs is a business reporter for AnnArbor.com. Reach her at 734-623-2584 or email her at lizzyalfs@annarbor.com. Follow her on Twitter at http://twitter.com/lizzyalfs.
Comments
Christine
Sun, Sep 25, 2011 : 1:54 p.m.
Ann Arbor has the potential to be a viable urban center- but let's face it, it's not. It's Kind of a Pretend City- because most people still Need a car to get the Essentials. Ann Arbor- this town needs a Grocery Store, right smack dab downtown. Let's make it easier on people who might be willing to walk or bike to shop for food at State and Liberty- but are not so motivated to walk or bike at least one mile out of downtown alongside unpleasant arterial roads to do the same. And understandably. Oh for start-up capital! The Borders space is big enough to put in a Trader Joe's, a Sunflower Market, a Plum Market, a Kroger, Hiller's Market or a Busch's... even another Sparrow or the Co-op, if they wanted to expand (and cater to the masses a bit more)... Frankly, I would welcome whatever sort of practical establishment would make it unnecessary for Regular Folk to pop in the car and drive. Ann Arbor has enough students and other carless residents who would surely enjoy having the convenience of a Practical Tenant in that space. Admit it, it would be awfully fun to have.
Gordon
Sat, Sep 17, 2011 : 3:12 p.m.
Multiple ownership enities is a sign things will not happen quickly. One might assume that rent might not be as expensive as it was in the past and who gets less will cause lots of conservations. I agree with Jacobsons loss. Question what would benfit downtown A2 in the era of increasing on-line buying? That is a lot of square feet. What a loss to the increasing rate of parking meters and it does lower the ticket risk to drivers for people standing at corners. Empathy should be for City Council?
swcornell
Mon, Sep 19, 2011 : 3:53 p.m.
Another chain to leave Ann Arbor, Surprise! You wonder why nobody goes downtown. Maybe it has something to do with the "highway robbery" practice of paying to park. You now need dollar coins to park downtown Ann Arbor. I'd rather go to Saline, Whitmore lake, Brighton where parking is free and the businesses are locally owned. Now that the chains: Circuit City, Boston Market, Pfizer etc. have abandoned us we can start patronizing the local talent. Good riddance!
snapshot
Mon, Sep 19, 2011 : 6:11 a.m.
Empathy shouldbe for 10,000 workers who lost their jobs because Borders didn't qualify for a federal bailout. GM still owes us 24 BILLION dollars and their giving it away to the unions that were pare of the problem that put it into bankruptcy.
Nancy White
Sat, Sep 17, 2011 : 12:25 p.m.
Now's the time for Jacobsens to return to that space. Of all the retail businesses to leave Ann Arbo, I believe that is the one missed the most.
AnnArbor Anonymous
Sat, Sep 17, 2011 : 12:42 a.m.
Well there go my plans to buy it and tear it down.
b master b
Fri, Sep 16, 2011 : 5:31 p.m.
HUGE error from the reporters at the Michigan Daily and very unprofessional reporting. Another excellent example of quality reporting and setting the facts straight from AnnArbor.com! Thanks Ms. Alfs!
snapshot
Mon, Sep 19, 2011 : 6:08 a.m.
Annarbor.com is doing the best it can with the resources it has. It still is a "free press" and you should show a little respect for their effort to keep us informed. You keep slamming it and pretty soon you will only "know" what someone wants you to know. It is also not supported through tax dollars or bailouts. Lighten up.
Tom Joad
Fri, Sep 16, 2011 : 5:21 p.m.
How about a giant food court? Anyone remember Tally Hall?