The larger of the two properties is MarketFair Shopping Center,a 240,000-sf complex recognized by many in the industry as an earlyiteration of the modern lifestyle center. Built in 1986, MarketFairis currently anchored by Pottery Barn, Williams Sonoma,Anthropologie, Smith & Hawken and Barnes & Noble. Othertenants added more recently include P.F. Chang's, which operates ona pad site, Huserad Furniture and Acorn.

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MarketFair is also the property in the assignment that was onceowned by Madison Marquette. The Washington, DC-based firm teamed upwith Principal Real Estate Investors to acquire the asset in late2003 for a reported $70 million, and subsequently sold thesingle-story structure to TIAA-CREF this past fall for $92 million,or approximately $383 per sf.

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"While it remains a strong retail destination, we believe thereis significant opportunity to strengthen its position in the marketthrough a strategic remerchandising program," says John-DavidFranklin, vice president of leasing for Madison Marquette. "Futureleasing efforts will focus on enhancing the merchandising mix bypotentially adding more fashion or other types of retailers."

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The second property in the assignment is Plainsboro Plaza, a207,000-sf open-air center in nearby Plainsboro. The current anchoris a Superfresh market, and other tenants include Ace Hardware,Peebles, PNC Bank, New York Sports Club and a CVS pharmacy.

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"Plainsboro Plaza's retail offerings are no longer meeting theneeds of the Plainsboro community," Franklin says. "We are planninga significant remerchandising program that will greatly enhance thecenter's appeal to the many nearby residents and office workers.Plainsboro is an increasingly affluent and growing community."

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"We look forward to working to maximize the value of ourinvestment in both of these properties," says Mark Wood, managingdirect, real estate asset management for TIAA-CREF. "We'reconfident we will add long-term value for our clients."

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