One of downtown Santa Barbara’s most recognizable buildings, the Marshalls building formerly occupied by Borders Books, recently sold to an out-of-state investor for a little less than $14.3 million in cash in an off-market sale.

Austin Herlihy and Steve Brown of Radius Commercial Real Estate & Investments represented the buyer, 900 State Street Associates LLC, which is owned by an investor with strong local ties.

The sale of the building at 900 State St. marks the largest sale of retail property in downtown Santa Barbara in several years, according to Radius.

Marshalls holds a long-term lease through 2015, with multiple options.