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MarketFair Trades for $70M

WEST WINDSOR, NJ-A first-time joint venture has purchased the 240,000-sf MarketFair Lifestyle Center here for approximately $70 million. The 98% occupied center has sales in excess of $400 per sf.

By Barbara Jarvie | Updated on December 29, 2003

WEST WINDSOR, NJ-Principal Real Estate Investors and Madison Marquette jointly acquired MarketFair, a 240,000-sf lifestyle center located here along Route 1. Anchored by a Barnes and Noble bookstore as well as a United Artists theater, the shopping center is currently 98% occupied and features sales in excess of $400 per sf. Other retailers include Pottery Barn, Williams Sonoma, Anthropologie and Smith & Hawken.

“We see upside potential in MarketFair through re-merchandising and strengthening the existing tenant roster,” explains Tom Falatko, vice president of acquisitions at Madison Marquette. Frank Orioli, director of acquisitions, Principal Real Estate Investors, adds the companies were attracted to the site due to the strong tenants and prime location.

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