Borders Books properties sell in California

Marcus & Millichap completed the sale of two Borders Books & Music properties in California.

The total value of the transactions was approximately $20.8 million.

San Diego, Calif.-based LandGrant Development sold both single-tenant, net-leased assets located in Pasadena and Union City.

The Pasadena Borders is located on the westside of the city's prestigious South Lake Avenue among numerous national retailers and dining establishments. The property commanded a sales price of $17.3 million. The building was originally constructed in 1948 and includes 40,440 rentable square feet. The building was acquired by an institutional investor based in the San Francisco Bay Area.

The second Borders Books & Music is located at 32111 Union Landing Blvd. in Union City's Union Landing Power Center. The store was constructed in 2000 and includes 25,000 rentable square feet on 2.4 acres. A private investor based in Northern California acquired the Union City Borders in the upleg of a 1031 exchange.

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.

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