That's the word from the new senior vice president of Irving-based Archon's first retail division. Steve Lipscomb will lead a team consisting of John Maggiore as director of development and Mike Ludden, vice president of asset management.

Lipscomb's pretty hushed about where, but did tell GlobeSt.com that four retail properties already are under contract. The complexes, ranging from 300,000 sf to 800,000 sf, should close this year. He won't say how much capital is backing the buying spree, except to note that the equity is thanks to the Goldman Sachs Group Inc.'s Whitehall Funds.

Archon has very few retail holdings in its portfolio, which is valued at $14 billion. "It's a natural progression," Lipscomb tells GlobeSt.com. "We think retail is a very viable investment opportunity right now."

At this time, Archon is only eyeing properties that are prime candidates for redevelopment or repositioning in its existing investment markets, says the 22-year veteran of the retail real estate market. The new division will focus on acquiring well-located power centers, neighborhood grocery-anchored complexes, specialty centers and community centers. Lipscomb's team also will assume management duties for retail assets previously acquired through portfolio buyouts. Lipscomb had been managing partner of Lipscomb Development Co. and had served an eight-year stint as president of the retail group for North American Properties-Southwest. He also has held senior management positions with Lincoln Property Co. and Lipscomb-Caldwell Co.

"Archon Retail will build our company's presence in this new sector at an opportunistic time," Jim Lozier, Archon president and CEO, says in a prepared statement. The move also comes at a time when Archon is investing $300 million in a series of carrier hotel ventures nationwide through its Genisus project.