NEWARK — Signaling a major strategy shift, Delle Donne & Associates has inked an exclusive deal with DSM Commercial on leasing out its retail portfolio.
The projects the two companies are working on include: Governor Square 1, 2, 3, and 4 along Route 40 in Bear, Fairfield Shopping Center in Newark on New London Road, the Salem Shopping Center in Bear, and Concord Pike Village in north Wilmington.
For years, Delle Donne & Associates has been associated with high-quality office complexes under the leadership of Chairman Ernie Delle Donne. The firm has been developing properties since 1980 with projects like Brandywine Corporate Center in Claymont, and most recently in 2018 with the third phase of the STAR Tower in Newark.
Delle Donne & Associates have kept its retail portfolio primarily in-house until inking the agreement with DSM Commercial in February.
“Delle Donne & Associates’ entire retail portfolio is located in New Castle County. In light of this, we wanted a broker that had a strong understanding and connection to our County’s retailers and found a great partner in DSM Commercial,” Delle Donne told the Delaware Business Times.
According to DSM’s website, they currently have six units available to lease at the Governor Square Shopping Center 1 totalling 15,200 square feet. They have two 1,600 square feet units available for lease at the Salem Shopping Center.
At the Fairfield Shopping Center, DSM has three units available to lease totalling 6,600 square feet and at the Concord Pike Village, they have one 3,020 square foot unit available to lease.
Dann Gladnick, a commercial associate at DSM, said the partnership came together because of mutual respect between the two companies, as well as traveling in the same network.
“The leadership at both companies have a relationship… that spans years and really builds off of our agreement that we had in place at Governors Square 1. As most things occur in commercial real estate, and definitely in Delaware, relationships are very important and drive a lot of what goes on around here,” Gladnick told DBT.
DSM Commercial Managing Partner Tripp Way added that Delle Donne & Associates approached them based on the company’s reputation.
“Obviously, based on their reputation of building first class properties, we were more than excited to jump in and assist,” Way said.
Currently, DDA is working with Jones Lang LaSalle Inc. to develop office real estate at a 79 acre property called North Avenue in Wilmington. While the property currently hosts the North American headquarters for AstraZeneca, the New Castle County offices for ChristianaCare, and a total of 850,000 square feet of office; they plan on expanding it to over one million square feet.
DSM Commercial was launched in 1988 and has since completed numerous projects, including converting an unused property into a Chipotle along Route 40 and developing a mixed use shopping area in Newark.
Besides developing, DSM also has 52 properties for sale and 138 properties for lease, mostly in Delaware, but a few are also located in Maryland.
-By Sam Haut, Contributing Writer
Editor Katie Tabeling contributed to this story.
