Washington Prime Group Signs Round 1 as Lead Tenant to Replace Former Department Store Space at Great Lakes Mall
July 10 2017 - 4:20PM
Business Wire
Washington Prime Group Inc. (NYSE: WPG) today announced its most
recent redevelopment effort, an approximately $15M project anchored
by the addition of Round 1, a fast-growing family entertainment
concept, at Great Lakes Mall located in Mentor, OH.
Brick-and-mortar is the primary channel to create memorable
experiences with consumers, and the addition of this exciting
entertainment use illustrates its essential role in the retail
industry.
In addition to Round 1, the Company is in discussions with new
tenants for a restaurant space that will be created adjacent to
Round 1. The high-visibility anchor space was previously occupied
by a Dillard’s Men’s Store. Dillard’s made the decision earlier
this year to consolidate its department stores at Great Lakes Mall
into a single renovated anchor space. In addition, a redeveloped
outparcel will provide an opportunity to add a second new
restaurant to this project to further diversify the mix of tenancy
and drive traffic to the center.
Lou Conforti, CEO and Director: “Entertainment, food and
beverage play an important role as we continue to diversify
tenancy, as well as – plain and simple – make our assets more fun.
The addition of Round 1 illustrates this objective via a dynamic
venue catering to all ages with a bunch of cool activities from
bowling to virtual gaming to karaoke. This newest addition to Great
Lakes Mall also exhibits the adaptive reuse of former department
store space.”
The 50,000 SF Round 1 will be the first location in Ohio and the
second in Washington Prime Group’s portfolio. The Company announced
in February 2017 the addition of Round 1 replacing a former
department store space at Northwoods Mall, located in Peoria,
IL.
Tony Pestyk, General Manager of Great Lakes Mall: “We are
excited to welcome Round 1, as well as other future new tenants.
This investment reflects our commitment to the community and will
provide our guests with an increasingly dynamic environment in
which to shop, dine and spend time together.”
Round One Entertainment Inc., the parent company of Round 1, was
established in 1980 in Japan and currently has 113 locations with
over 25M combined customer visits annually. The bowling and
entertainment concept offers karaoke, ping-pong, dining, arcade
games and more. The Great Lakes Mall location will represent its
23rd within the U.S. as the company embarks upon its rapid
expansion plans.
About Great Lakes Mall
Great Lakes Mall, Mentor’s family friendly shopping destination,
is home to more than 120 popular retailers plus full-service and
fast-casual dining options. Learn more at
www.shopgreatlakesmall.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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170710006400/en/
Washington Prime Group Inc.Kimberly A. Green,
614-887-5647kim.green@washingtonprime.com
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