Bank Buys Borders Plaza at Sheriff's Sale

The former Borders Plaza found a buyer at sheriff's sale on Monday, but the purchase sheds little light on who might move into the vacant retail space.

The property, which has been owned by U.S. Bank, was purchased by U.S. Bank, records show.

The bank paid a little over $5 million for the shopping center — double the minimum bid price of $2.5 million and over the appraised value of $3.75 million.

Strongsville Economic Development Director Brent Painter said he hopes to glean some information about the bank's plans for the property, but has not yet spoken with the project manager.

"There's really no new information on it yet," Painter said.

But the sale "cleared a hurdle" toward getting a new tenant into the vacant 27,000-square-foot Borders store, he 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 has said the vacancy has more to do with the owner's legal problems than with finding a tenant.