The National Association of Industrial and Office Properties (NAIOP) has selected Los Angeles-based Lowe Enterprises Inc. as its "2002 Developer of the Year."

Chairman and CEO Robert Lowe accepted the award during NAIOP’s annual conference, held Oct. 23-25 at the Gaylord Opryland Hotel in Nashville, Tenn. "The honor brings appropriate recognition to my association," Lowe said.

The selection process is based on six criteria: quality of products and services; social consciousness; leadership in the real estate and general business communities; commitment to and involvement in NAIOP; financial consistency and stability; and ability to adapt to market conditions.

Since its formation in 1972, Lowe Enterprises has developed, acquired or managed more than $6 billion in commercial, hotel and residential real estate. According to Lowe, the key to the company’s investment strategy is diversification of markets and projects, which allows the company to maintain a stable portfolio regardless of economic conditions and shifting market trends.

The privately held company employs more than 7,000 people in three divisions. Lowe Enterprises Investment Group directs the company’s capital and investment activities, while Lowe Enterprises Real Estate Group oversees the development and property management of 13 million sq. ft. of commercial space. Lowe Hospitality Group runs the hotel and resort development and management activities.

"Lowe has demonstrated leadership in the industry throughout its 30-year history," said NAIOP President Thomas Bisacquino in a statement. "Year in and year out, Lowe has generated maximum value from real property assets, provided the users of its properties with the highest level of services and contributed to the communities in which it operates."