While operating agreements may give property owners some say in who goes into the stores, the situation is mostly out of their control, according to retail analysts.
At Rosedale, as at the other 'dales such as Southdale, Brookdale and Ridgedale, Marshall Field's and Dayton's before it has not only been a longtime anchor, but also is the original developer and owner of the property, says Rollin Hunsicker, general manager of the mall, which is managed by Chicago-based Jones, Lang and LaSalle.
Hunsicker says having two of his anchors up for sale was "a little unsettling."
Meanwhile, St. Paul officials are concerned about the status of its Marshall Field's store, which is the key retail anchor in Downtown St. Paul. City officials hope that penalties included in a 2001 agreement with Target Corp. would be enough to ensure that Marshall Field's stays put.
If the store closed, Target or a new owner would have to pay $630,000 a year through 2011. If it remains closed into 2012, an owner would have to pay an additional $6.3 million. The repayment provision applies to anyone who buys the Marshall Field's chain, city officials say.
Three years ago, Target accepted a $6.3-million handout from St. Paul taxpayers to renovate what was then Dayton's. In a $20-million project, the firm reduced the shopping levels from five to three, removed asbestos and changed the building's exterior.
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