Interest in the soon-to-be former Borders site at the Mall of Louisiana is high, the firms involved in its sale say. Tim Gilmore, leasing agent with DJM Realty, which is handling the sale of all the Borders stores, did not divulge which or how many retailers have expressed interest in the 25,000-square-foot property, but he did say “some good businesses” were among them. “A lot of folks are looking at it,” Gilmore says.
The Ann Arbor, Mich.-based Borders Group filed for Chapter 11 bankruptcy protection on Feb. 16. DJM, a New York-based firm, is tasked with disposing all remaining Borders locations. Representatives for DJM confirmed that interest is high overall but also declined to disclose specific names. According to national reports, Books-A-Million was looking at buying 30 to 35 Borders locations, but the deal fell through. The Baton Rouge location was not listed as a property Books-A-Million was interested in. Books-A-Million has two locations in the Capital Region, including a store in Siegen Marketplace, one Interstate 10 exit east of the Mall of Louisiana. Real estate consultants say discount fashion retailer H&M and Best Buy are also among those eyeing some of the Borders locations. While Best Buy is already at the Mall of Louisiana, H&M doesn’t have any stores between St. Louis and Tucson, Ariz.
DJM’s liquidation brochure lists the Mall of Louisiana location as a 25,000-square-foot property with a current rent rate of $13.45 per square foot. It’s the site of the only remaining Borders in the state. For the rest of Real Estate Weekly, click here.—Ian McGibboney
