Borders Books sells in San Diego

Investors bag 3-year-old retail property

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Marcus & Millichap completed the sale of a Borders Books & Music store in San Diego, Calif. The value of the transaction was $13 million. San Diego-based LandGrant Development sold the property to a San Francisco-based investment partnership in a 1031 exchange. The San Diego Borders is located at 668 6th Ave. in the city's historic Gaslamp District. The class A property was constructed in 2002 and includes 33,000 rentable square feet. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....