Quincy-Based Company Bought Recently Shuttered Borders in Braintree

The former Borders location on Grossman Drive in Braintree has new ownership that expects to fill the space within the next few months.

On June 2, Quincy-based The Grossman Companies, Inc., along with Dinosaur Capital Partners of Boston, bought the 27,500-square-foot store for $4 million, according to a statement on Dinosaur's website.

The Gatehouse News Service reported the sale on Tuesday. Grossman told Gatehouse that the building is in good shape, requires little renovation and a new tenant could be secured within two to three months.

that the Braintree location would close by the end of May. It was among 228 stores across the country that were scheduled for closing as part of the company's bankruptcy plan. The U.S. Bankruptcy Court in New York approved a reorganization plan on Feb. 17 for the bookseller, the nation's second largest after Barnes & Noble.

The buyers closed the sale two weeks after an initial inquiry on May 18, according to Dinosaur. "After Borders entered bankruptcy, the property's seller was about to hand the keys back to the lender but we stepped in and paid off the loan to buy the property," the investment firm said. "Eastern Retail (a Newton-based commercial property company) has already generated several offers from strong retailers."

Grossman and Dinosaur's $4 million price was only slightly higher than what Borders paid for just the land in 1997, according to the statement.

Another joint venture between the two companies resulted in the purchase of Braintree Executive Park, also on Grossman Drive, earlier this spring. They bought two, four-story office buildings for $6.9 million, plus an $8.35 million mortgage for acquisition, tenant improvements, and capital improvements, such as improving the interior, signage and landscaping.