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Published: Thursday, 8/26/2004

Toledo Marshall Field's store sold for $9.35 million to buyer of chain

St. Louis-based May Department Stores Co. bought the store as part of its $3.24 billion purchase of the Marshall Field's chain from Target Corp., of Minnesota.

The deed recorded last week by the Lucas County auditor's office showed the seller as Dayton Hudson Corp., which was the name of the parent company of the chain before it changed to Target.

The sale price was $2 million less than the sale of the closed Jacobson's store at the west Toledo mall two years ago. That store sold for $11 million to the Dillard's department store chain.

Dave Long, a retail specialist with CB Richard Ellis, Reichle Klein in Maumee, said the sale price of the Marshall Field's location was set at the auditor's assessed value because it was part of a larger sale.

On the other hand, the owner of the Jacobson's site bargained with Dillard's because, at the time, that chain wanted to move its home store from the Westgate area of Toledo into the site. Those plans changed when the owners of Westfield Shoppingtown announced a large-scale expansion, currently under way.

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