Metro News- Developers Diversified

As the commercial real estate industry continues to evolve, collaboration, or the ability to balance the interest of developers, owners, investors and municipalities, becomes an essential ingredient in advancing projects and delivering value to all interested parties. Perhaps nowhere is the power of collaboration more apparent than the Centerton Square Retail Project-an 85-acre parcel once owned by Emmes Realty that had been locked in approval applications and litigation for years. Located at the intersection of Interstate 295 and Route 38 in Mount Laurel, NJ, the parcel represents one of the last great undeveloped retail locations left in the Greater Philadelphia market. But lingering issues from years of attempted development had entangled the property in litigation and threatened its future prospects. To move the project forward, Developers Diversified Realty (NYSE: DDR), the real estate investment trust (REIT) based in Cleveland, OH, turned to Metro Commercial for buyer's representation. "We consider Metro Commercial to be a premier broker in the Delaware Valley," says Eric Mallory, Vice President, Director of Development for Developers Diversified. "As a national developer, we rely upon select brokers in each market to keep us informed of potential opportunities. Metro Commercial kept us in front of the owner of this site for several years. When the timing was right to effect a settlement, all parties were able to set aside differences and reach an agreement." Construction of the 750,000 square foot retail center, which is slated to begin in the summer of 2003, will include a national discount department store and a large regional mega grocer as the primary anchors of the property. "These opportunities are becoming more and more rare," says Tom Londres, senior vice president of Metro Commercial. "To advance them requires a collaborative and aggressive approach, which takes into account the needs of all parties to see a mutually advantageous outcome."