News & Press Releases
MarketFair"s Redevelopment Plan
FOUR NEW RESTAURANTS, WEST ELM AND A NEW PROTOTYPE
BARNES & NOBLE COMING TO MARKETFAIR
Lenscrafters, United Artists and Eastern Mountain Sports Renew Leases and Plan Improvements
PRINCETON, NJ, March 27th, 2012 – Marketfair announced today that Seasons 52, Bahama Breeze,, Qdoba, Bobby Flay’sBurgerPalace and West Elm have all signed leases and will be opening new stores over the next 2 years. Simultaneously, Barnes & Noble will relocate into 27,950 square feet including the former Restoration Hardware location on the North end of the shopping center. Lenscrafters, United Artists, and Eastern Mountain Sports have recommitted, renewing their leases with the intent on relocating and expanding/improving their spaces.
Barnes & Noble new flagship store will open in September 2013 and debut the company’s newest state-of- the-art design. Its existing store will remain open during the entire construction period.
Seasons 52 and Bahama Breeze, two of Darden Restaurant Group’s premier restaurant brands will join Eastern Mountain Sports in backfilling the location currently occupied by Barnes & Noble. Seasons 52 will occupy 9,300 square feet with a planned opening in late 2013. Adjacent to Season’s, Bahama Breeze will occupy 8,500 square feet with an anticipated opening in early 2014.
Additionally, the food court will close on April 22nd, while the space is redeveloped for a 7,400 square foot West Elm, a premier furniture retailer owned by Williams-Sonoma Stores, Inc. Joining West Elm in the West corridor will be Qdoba and Bobby Flay’sBurgerPalace. Qdoba will occupy 2,300 square feet adjacent to Bobby’s with access from the mall as well as an exterior entrance. Both quick-casual restaurants are scheduled to open in summer 2012.
“On the heels of Banana Republic’s opening of its new store here, the changes we are announcing today are yet another sign that Marketfair is the choice destination in the Princeton area for retailers and restaurateurs alike,” said John-davidW. Franklin, SCLS, Senior Vice President of Madison Marquette, which leases and manages the property on behalf of TIAA-CREF. “We are very pleased that so many of the industry’s leading retailers have renewed and that they have committed to making major improvements and even relocation.”
The changes at Marketfair have been under negotiation for over a year and will be unveiled over the next few years. Construction is scheduled to begin in April 2012 and run through the end of 2014.
EasternMountainSports will expand to 13,200 square feet with an exterior entrance/façade as well as a mall entrance. Their current temporary space is 5,700 square feet and will remain open while the new store undergoes construction. The new location is scheduled to open by late 2013.
Lenscrafters will expand from 4,062 square feet to cover 4,430 square feet and will have a new storefront and exterior entrance. United Artists Theater extended its lease for three years and will remain in its current space.
While the food court will be closed from late April through the summer to accommodate the build-out of West Elm, Marketfair shoppers will have an abundance of restaurant choices available. Popular dining spots which highlight the Marketfair experience include TGI Friday"s, Big Fish Restaurant, Starbucks, Barnes & Noble Cafe and PF Chang"s China Bistro.
MarketFair is a 240,000 square foot retail destination located along Route 1 in West Windsor, New Jersey. The unique center was built in 1987 and features both interior and exterior-facing retail space that many regard as the precursor to today’s modern outdoor lifestyle centers. MarketFair is anchored by Barnes & Noble, United Artists Theatres and many of the nation’s most desirable retailers, including Anthropologie, Pottery Barn, White House Black Market and Williams-Sonoma. For more information about MarketFair, please visit the website at www.marketfairmall.com.
About Madison Marquette
Madison Marquette is a Washington, D.C.-based investor, developer and operator of retail and retail mixed-use real estate throughout the United States. The company specializes in creating unique retail destinations that respond best to consumer preferences. With regional offices in Fort Lauderdale, Philadelphia, New York, Charlotte, San Francisco, Los Angeles, Seattle and San Diego, Madison Marquette maintains a sophisticated in-house operating capability and oversees 23 million square feet of retail real estate. This diverse national portfolio includes many properties that Madison Marquette manages and leases on behalf of third-party owners. For more information about Madison Marquette, please visit http://www.madisonmarquette.com.
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $464 billion in combined assets under management (as of 12/31/11) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.