WASHINGTON, DC—Monument Realty has launched a new retail division called Monument Retail. The new division is headed by Roger Carlson, a 25-year industry veteran who is joining the company from Colliers International, where he was managing director of Retail.
Monument Retail has also formed a strategic alliance with an institutional investor with the goal of acquiring one-million square feet of existing retail properties over the next four years. In addition, Monument Retail is planning to develop retail properties throughout the Mid-Atlantic region. The new unit will also provide brokerage services to retailers and manage and lease its own retail portfolio.
The unit is looking at a few acquisitions and is in preliminary discussions on some ground up opportunities, Carlson tells GlobeSt.com, adding that any announcements will come in the New Year.
Opportunities in the market, especially the District, are booming and fundamentals are shifting quickly. At one time considered underserved in terms of retail, DC's retail is now becoming overheated, Carlson says, "particularly in the food use category of restaurants and fast casual dining."
One goal the unit has to focus on mixed-use retail, combining office or residential with retail in DC and close in areas, he says.
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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.
