Business & Tech
Borders Plaza Going to Sheriff's Sale Next Week
City official says a new owner will mean good news for shopping center
The former Borders Plaza on Royalton Road is scheduled to be sold at sheriff's auction Aug. 12.
The property, currently owned by U.S. Bank, is valued at $3,750,000. Minimum bid at the foreclosure sale will be $2.5 million.
The sale could lead to a new tenant for the vacant 27,000-square-foot Borders store, Strongsville Economic Development Director Brent Painter said.
"This could free things up to move faster," Painter said.
The space has been empty since September 2011. In August 2012, Earth Fare announced it had signed a lease and would open a grocery store there.
But a few weeks later, U.S. Bank filed a foreclosure action in Cuyahoga County Common Pleas Court against the owner of the shopping center.
Real Estate broker Harvey Kay said in early 2013 that Earth Fare was still interested, but so were three other national retailers.
Painter said the vacancy has more to do with the owner's legal problems than with finding a tenant.
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Painter said he plans to attend the sheriff's sale and talk with the new owner, if possible.
"The good news is there's some news over there at all," he said.
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