Washington Prime Group to Transform Former Department Store Space to Open Air Retail at Markland Mall
July 18 2017 - 4:02PM
Business Wire
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170718006251/en/
Washington Prime Group Inc.Kimberly A. Green,
614-887-5647kim.green@washingtonprime.com
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