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.

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.

"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."