Kimco Realty’s Web site lists Ulta as 20,000 square feet.
Remodeling has already begun on the space.
Ulta Beauty sells a wide range of cosmetics, fragrances, haircare, skincare, and bath and body products, as well as salon styling tools and salon haircare products.
Ulta has 415 stores in 42 states. Ulta stores nearby include Savannah, Ga.; Macon, Ga.; and Columbia.
Borders closed in September after the bookstore chain declared bankruptcy. Borders had been in the Augusta Exchange since 1998.