COLUMBUS, Ohio, Sept. 18, 2018 (GLOBE NEWSWIRE) -- Washington Prime Group Inc. (NYSE: WPG) today announced the next phase of its renovation at The Mall at Fairfield Commons, a Tier One asset located in the Dayton- Ohio market, with the addition of The RoomPlace and Round1 Entertainment. Following the renovation, the Company will have repositioned two department store spaces at The Mall at Fairfield Commons.
Lou Conforti, CEO and Director of Washington Prime Group stated: “Just thinking about kicking off the next phase of redevelopment at The Mall at Fairfield Commons with a national home furnishings retailer and international family entertainment company makes me want to rest up in The RoomPlace Salerno Brown Power Recliner before heading out to Round1 for a few frames of Cosmic Bowling and then busting a move playing Dance Rush Stardom. These two tenants, totaling over 100,000 square feet, are just two examples of how we’re transforming our assets into town centers by diversifying tenancy and activating common area. Now back to practicing my dance moves … U Can’t Touch This.”
The RoomPlace marks another milestone in the robust tenanting efforts at The Mall at Fairfield Commons, where Washington Prime Group has undertaken a multimillion dollar investment to reimagine the guest experience over the past several years. The first to market RoomPlace will replace the upper level of Sears and complement the hybrid town center format with dynamic retail, dining and entertainment options. Also first to market, Round1 Entertainment will replace the lower level of Sears at The Mall at Fairfield Commons. Both The RoomPlace and Round1 Entertainment are expected to open in late 2019.
While Sears continues to operate its location at The Mall at Fairfield Commons, Washington Prime Group proactively negotiated an early termination of the lease to gain control of the real estate and commence redevelopment efforts.
A group of restaurants including BJ’s Restaurant & Brewhouse, Chuy’s Tex-Mex and BRAVO! Cucina Italiano previously replaced a former Elder-Beerman store at The Mall at Fairfield Commons. Building on the leasing demand for dining options, Fusian, MELT and Flyboys Deli have also recently opened at the center. Two additional restaurants, Flyby BBQ and Black Rock Bar & Grill, are next in line to join the popular dining lineup, solidifying The Mall at Fairfield Commons as the area’s premier dining destination.
In addition, tenants at The Mall at Fairfield Commons that have recently completed remodels include Champs, Finish Line, Hollister and Torrid. Victoria’s Secret has expanded and remodeled its location and Bath & Body Works is remodeling its location and adding a White Barn Candle.
Round1 Entertainment is a bowling and entertainment concept offering karaoke, ping-pong, dining, arcade games and more. The RoomPlace is a family owned and community oriented furniture with a focus on providing customers exquisite furniture at affordable prices.
About the Mall at Fairfield Commons
Beavercreek, the largest city in Greene County, Ohio is the second largest suburb in the Dayton-Ohio market, less than ten miles from downtown Dayton. The Mall at Fairfield Commons has convenient access to Interstates 70 and 675, as well as to State Route 35, which provides direct expressway access to downtown Dayton, a new medical center and office park, and Dayton International Airport.
Major employers in Dayton include Wright- Patterson Air Force Base, Premier Health Partners, University of Dayton, Kettering Medical Network, and Lexis-Nexis. This city has the distinction of having more engineers per capita than almost any other city in the United States. Wright-Patterson Air Force Base, the largest single site employer in the state of Ohio which employs over 27,000 civilian and military workers, has a $5 billion impact on the trade area. Named the “Aerospace Hub” for the Air Force, it continues to expand its physical footprint and promote Dayton’s presence on a national level. Further positively impacting the economy, Dayton hospitals were ranked No. 3 nationally for quality by HealthGrades, while also contributing nearly 32,000 employees.
With some of the largest employers and educational institutions in the state, Dayton is positioned to make a successful transition into the future as a relevant and vibrant city. There are 40 institutions of higher learning located within 25 miles of Dayton – including the University of Dayton and Wright State University - providing a captive market of more than 110,000 students to the already robust market population.
About Washington Prime Group
Washington Prime Group Inc. is a retail REIT and a recognized leader in the ownership, management, acquisition and development of retail properties. The Company combines a national real estate portfolio with an investment grade balance sheet, leveraging its expertise across the entire shopping center sector to increase cash flow through rigorous management of assets and provide new opportunities to retailers looking for growth throughout the U.S. Washington Prime Group® is a registered trademark of the Company. Learn more at www.washingtonprime.com.
Lisa A. Indest, CAO & Senior VP, Finance, 614.887.5844 or email@example.com
Kimberly A. Green, VP, Investor Relations & Corporate Communications, 614.887.5647 or firstname.lastname@example.org
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 which represent the current expectations and beliefs of management of Washington Prime Inc. (“WPG”) concerning the proposed transactions, the anticipated consequences and benefits of the transactions and the targeted close date for the transactions, and other future events and their potential effects on WPG, including, but not limited to, statements relating to anticipated financial and operating results, the company’s plans, objectives, expectations and intentions, cost savings and other statements, including words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “will,” “should,” “may,” and other similar expressions. Such statements are based upon the current beliefs and expectations of WPG’s management, and involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of WPG to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, without limitation: changes in asset quality and credit risk; ability to sustain revenue and earnings growth; changes in political, economic or market conditions generally and the real estate and capital markets specifically; the impact of increased competition; the availability of capital and financing; tenant or joint venture partner(s) bankruptcies; the failure to increase mall store occupancy and same-mall operating income; risks associated with the acquisition, (re)development, expansion, leasing and management of properties; changes in market rental rates; trends in the retail industry; relationships with anchor tenants; risks relating to joint venture properties; costs of common area maintenance; competitive market forces; the level and volatility of interest rates; the rate of revenue increases as compared to expense increases; the financial stability of tenants within the retail industry; the restrictions in current financing arrangements or the failure to comply with such arrangements; the liquidity of real estate investments; the impact of changes to tax legislation and WPG’s tax positions; failure to qualify as a real estate investment trust; the failure to refinance debt at favorable terms and conditions; loss of key personnel; material changes in the dividend rates on securities or the ability to pay dividends on common shares or other securities; possible restrictions on the ability to operate or dispose of any partially-owned properties; the failure to achieve earnings/funds from operations targets or estimates; the failure to achieve projected returns or yields on (re)development and investment properties (including joint ventures); expected gains on debt extinguishment; changes in generally accepted accounting principles or interpretations thereof; terrorist activities and international hostilities; the unfavorable resolution of legal proceedings; the impact of future acquisitions and divestitures; assets that may be subject to impairment charges; significant costs related to environmental issues; and other risks and uncertainties, including those detailed from time to time in WPG’s statements and periodic reports filed with the Securities and Exchange Commission, including those described under “Risk Factors”. The forward-looking statements in this communication are qualified by these risk factors. Each statement speaks only as of the date of this press release and WPG undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances. Actual results may differ materially from current projections, expectations, and plans, if any. Investors, potential investors and others should give careful consideration to these risks and uncertainties.
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