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| It is rare for any commercial real estate venture to encompass as many challenges, or offer the same kind of rewards, as the revitalization of a mall in a densely populated urban area. This year Metro Commercial met such a challenge at Gallery II, a now heavily trafficked urban mall in Center City Philadelphia. Working closely with the City of Philadelphia and asset manager L&B Realty Advisors, Inc., Metro Commercial served as the leasing agent, property manager and construction manager, and brought Burlington Coat Factory to a 130,000 square foot space in the Gallery II formerly occupied by J.C. Penney. The store opening is scheduled for August, 2003. Burlington Coat Factory is one of the most respected names in American retailing, with almost 400 stores offering clothing and accessories for men, women and children - a truly perfect fit for the Gallery demographics. As a center for regional mass transit and a history of strong consumer activity, revitalizing Gallery II was critical not only to the mall itself, but to Center City Philadelphia as well. Due to the ownership of the underlying land by the Redevelopment Authority, negotiations were more complicated and far more scrutinized than the average lease. Metro Commercial had earlier brought a 30,000 square foot Old Navy store to Gallery II, establishing both our expertise and determination to play a key role in the renaissance of retailing in Philadelphia. Both anchor deals involved Metro Commercial's Construction Services division managing extensive improvements to the tenant's space. Mark Nesci, executive vice president and chief operating officer of Burlington Coat Factory, said, "Philadelphia's strengthening retail market, coupled with the strong foot traffic from regional mass transit, made this an ideal location for introducing our first downtown Philadelphia location. This deal was hardly a simple one. It required all interested parties-including owners and City officials to work together to find common solutions that benefit the economic development of Center City Philadelphia. Metro Commercial was invaluable to this process." John Gerdes, vice president of Asset Management for L&B Realty Advisors, Inc., stated, "I can't say enough about the extraordinary efforts of Burlington Coat Factory, Metro Commercial and the City to help bring a great retailer to downtown Philadelphia! The addition of Burlington Coat Factory to the Gallery is a great use of the building and brings another viable retail tenant to the ever improving downtown Philadelphia scene. It is also a prime example of the teamwork required to succeed in the retail world today as the City of Philadelphia, the Redevelopment Authority, Burlington Coat Factory, Metro Commercial and ownership all came together to work out a very complicated transaction which ultimately will benefit all parties. The real winners will be the citizens of Philadelphia who will have another alternative in their downtown shopping choices." This kind of project brings gratification to the company that extends well beyond our traditional business and has become a hallmark of our urban commitment. | ||||||||||||
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