Montrose, which contains 145,151 sf of retail space, is currently 58% leased. Tenants include Staples and Gold's Gym. Located across the street is Randolph Center, which at 82,125 sf is currently 91% leased.
The seller was not disclosed. WRIT plans aggressive renovations to increase occupancy. In the longer term, WRIT officials say they would like to up-zone the properties for a higher-density, mixed-use development to better align with the planning currently under way in the area.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
