"It's a great retail destination, and it will soon have anatmosphere that really fits its mix of shops and restaurants," saysMark Wampler, the center's general manager. "We feel that thesubstantial improvement program will validate Marketfair as a topretail destination."


The upgrade, the cost of which has not been released, willinclude new flooring and furniture, new lighting schemes, upgradedsignage, plantings and paint. The physical upgrade, which is beingdesigned by Michael Graves of Michael Graves and Associates ofPrinceton and New York, is slated for completion in 2009. Thetenant mix is expected to be tweaked a bit through 2009, and therevamp also calls for the addition of a food court in 2010.


Built in 1986--and situated at the intersection of Route 1 andMeadow Rd. in this Princeton-area community--Marketfair recentlyadded upscale children's boutique Janie and Jack to its tenant mix.That chain joins a tenant roster anchored by Barnes & Noble andUnited Artists Theatres, supported by Anthropologie, Pottery Barn,Restoration Hardware, Smith & Hawkin, White House Black Marketand Williams-Sonoma.


Madison Marquette picked up the Marketfair management andleasing assignment in mid-2007, several months after the companyand partner Principal Real Estate Investors sold the property toTIAA-CREF for a reported $92 million, or about $383 per squarefoot. Madison Marquette and PREI had previously acquired thesingle-story shopping center in late 2003 for $70 million.

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