March 5, 2012 - 10:13pm
BY TAYLOR WIZNER
As the Borders building on East Liberty Street lies vacant collecting graffiti, the ownership of part of the property is changing hands.
According to AnnArbor.com, the Border’s property will now be solely owned by Malcolm Properties LLC, an Ann Arbor based family trust. Agree Properties LLC has owned a portion of the building and has conveyed that piece to Malcolm Properties LLC. Agree Realty is a Farmington Hills-based publicly traded corporation, which leases a majority of their properties to Kmart, Walgreens and CVS.
Agree leased the portion of the building it did not own from Malcolm Properties LLC, according to AnnArbor.com and Borders leased the space from Agree. When Borders closed, Agree failed to lease the property to another tenant and was entangled in a court battle on the fate of the property. At the time Borders filed for Bankruptcy, the company was paying Agree $24,543 a month in rent.
In a January 27, 2012 Form 8-K filing with the U.S. Securities and Exchange Commission, Agree indicated that they entered into a settlement agreement that resulted in terminating the ground lease on the former Borders property and transferred the remainder of their interest to Malcolm Properties LLC. Agree retained the office portion of the property.
The companies were not available for comment at this time.