Print Page     Close Window     

News Release

Washington Prime Group to Transform Former Department Store Space to Open Air Retail at Markland Mall

COLUMBUS, Ohio--(BUSINESS WIRE)--Jul. 18, 2017-- Washington Prime Group Inc. (NYSE: WPG) today announced its most recent redevelopment effort, an approximately $17M project anchored by the addition of several new open air tenants at Markland Mall located in Kokomo, IN. This project is representative of the Company’s successful efforts to renovate traditional enclosed retail centers into a hybrid format which incorporates both enclosed and open air formats.

As part of the approximately 84,000 SF renovation, the Company is in discussions with new tenants, which will be announced soon, for spaces that will be created in a former department store space. The high visibility anchor space was previously occupied by Sears which closed following a lease expiration.

Lou Conforti, CEO and Director: “To date, we have introduced a hybrid format at nearly 70% of our enclosed retail venues. The renovation at Markland Mall illustrates this mandate and our future redevelopment efforts will aim to capture this hybrid aspect. Regardless of the format, our portfolio of retail real estate is comprised of formidable catchment areas and consumers who are hankering for interesting shopping, dining, entertainment, grocery and services.”

Potential new uses replacing the former department store include big box retail, entertainment and grocery. In addition, redeveloped outparcel spaces will create the opportunity to add new restaurants to further diversify the mix of tenancy and drive traffic to the center. The project is expected to add approximately 10 new tenants and be completed in 2018.

John Campbell, General Manager of Markland Mall: “We are excited to welcome new tenants to Markland Mall. This investment reflects our commitment to the City of Kokomo and surrounding communities and will provide our guests with an increasingly dynamic environment to shop, dine and spend time together.”

Markland Mall is the only regional enclosed center within a 40-mile radius, solidifying its position as the dominant retail destination in the area.

About Markland Mall

Markland Mall is Kokomo’s premier shopping destination. The Target-anchored town center is home to more than 40 popular retail, dining and entertainment options. Learn more at www.marklandmall.com.

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. Learn more at www.washingtonprime.com.

Forward-Looking Statements

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, 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 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.

Source: Washington Prime Group Inc.

Washington Prime Group Inc.
Kimberly A. Green, 614-887-5647
kim.green@washingtonprime.com

©2013- WASHINGTON PRIME GROUP